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(Kitco News) – Cryptocurrency prices slid lower on Tuesday as China’s economic struggles took center stage after the People’s Bank of China unexpectedly cut a range of key interest rates in a bid to spur growth in its stagnating economy.
Stocks also fell under pressure as the world’s second-largest economy struggled to find its footing, with the S&P, Dow and Nasdaq all closing the day lower, down 1.16%, 1.02%, and 1.14%, respectively.
Data from TradingView shows that Bitcoin (BTC) bears overwhelmed bull support at $29,300 and dropped the top crypto to a daily low of $29,045 in the afternoon before bullish reinforcements arrived to push it back above $29,100.
BTC/USD Chart by TradingView
“September Bitcoin futures prices [were] near steady in early U.S. trading Tuesday,” according to Kitco senior technical analyst Jim Wyckoff.
Bitcoin futures 1-day chart. Source: Kitco
“Still not much new in the dog days of summer, when many traders/investors are on vacation,” Wyckoff said. “Prices continue in a sideways and choppy trading range. Neither the bulls nor the bears have been able to gain much traction in recent weeks. The direction in which prices break out above the resistance line or below the support line [outlined on the chart] is likely to be the direction of the next trending price move in the market.”
Crypto analysts on Twitter were relatively quiet about the price action in the market as not much has changed in the macro picture since BTC first entered the current trading range on July 24.
MN Trading founder Michaël van de Poppe noted that he is still monitoring $29,700 for a potential break upwards, and a break below $29,000 for a possible pullback to $28,000.
No clear breakout for #Bitcoin.
I think this is the most boring period in time which I’ve been into the markets.
Still waiting for;
– Break of $29.7K for momentum upwards.
– Break of $29K for a swift break towards $28K. pic.twitter.com/gspbTETiNU— Michaël van de Poppe (@CryptoMichNL) August 15, 2023
Market analyst TechDev spotted a promising fractal pattern for Bitcoin that suggests its price could soon start to break out higher.
28 bars of #bitcoin. pic.twitter.com/dUOAxdISww
— TechDev (@TechDev_52) August 14, 2023
But Crypto Tony warned that the market could continue to see sideways trading through next April, and will only get some relief once Bitcoin completes its next halving.
I THINK WE CONTINUE TO RANGE BETWEEN HERE AND $20,000 ON #Bitcoin ALL THE WAY THROUGH TO THE HALVING NEXT YEAR 💯
Only after the halving will we see the true start of the bull run IMO 💯
— Crypto Tony (@CryptoTony__) August 15, 2023
Altcoins in the red
It was a red day for the altcoin market as 95% of the tokens in the top 200 recorded losses on Tuesday, while those that managed to post gains saw only minimal upside.
Daily cryptocurrency market performance. Source: Coin360
THORChain (THOR) was the one exception with a gain of 13.7%, while Hedera (HBAR), Helium (HNT) and UniBot (UNIBOT) increased by 4.2%. ApeCoin (APE) was the biggest loser, falling 10.7% to trade at $1.85, followed by a 9.9% loss for Reserve Rights (RSR), and an 8.7% decline for Cartesi (CTSI).
The overall cryptocurrency market cap now stands at $1.16 trillion, and Bitcoin’s dominance rate is 49%.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
