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Bitcoin price wrestled with the $20,000 threshold for a sixth consecutive day

Bitcoin price and Ether both declined, settling into what seems likely to be a flat trading range for the foreseeable future. At the time of writing, BTC is changing hands at $20,145.

bitcoin-price-wrestled-with-the-20000-threshold-for-a-sixth-consecutive-day

BTC/USD 4-hour chart | Source: TradingView

Bitcoin Price Struggles to Hold $20K for the Foreseeable Future

Bitcoin’s tango with $20,000. The largest cryptocurrency by market value danced below the psychologically important threshold but then rebounded for the sixth straight day.

BTC was recently trading at about $20,100, roughly flat over the past 24 hours and near the middle of the tight range, it’s occupied for a week. Bitcoin plunged late last week amid mounting fears over continuing U.S. central bank monetary hawkishness and macroeconomic uncertainty. The asset seems increasingly likely to remain in the same price rut until the release later this month of the latest inflation numbers and other key economic indicators, and the Federal Reserve’s next interest rate hike, which is widely expected to be 75 basis points.

Ether, the second-largest cryptocurrency by market cap after Bitcoin, rose 1.5% on the day. ETH has been essentially flat over the last three trading days, with above-average volume occurring only during the decline. Since Monday’s close, ETH’s price has moved approximately 1%.

Other cryptos in the CoinDesk top 20 by market cap spent much of Thursday in the green with COMOS and LINK recently climbing more than 7% and 4%, respectively. Popular meme coins DOGE and SHIB were also up. Sitting just outside that list, MATIC, the native token for the Polygon network, jumped 6.6% to US$0.88 after trading platform Robinhood announced Thursday it will offer deposit and withdrawal services for the token. MATIC has risen more than 7% over the past week.

Investors await the release of the U.S. August jobs report due out Friday morning U.S. Eastern Time. The job market is a key consideration for the Federal Reserve at its meeting in September where it will announce its next interest rate decision. The report is expected to show job growth slowed slightly in August, but remained strong across many sectors. Loreta Mester, president of the Federal Reserve Bank of Cleveland, said the Fed may raise rates to 4% by early 2023 and they could remain there for some time. She spoke at an event organized by the Dayton Area Chamber of Commerce on Wednesday. The rates are currently at 2.25% to 2.50%.

The overall cryptocurrency market cap stands at $987 trillion, and Bitcoin’s dominance rate is 39.1%.

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