Cryptocurrency Prices Aug 29: Bitcoin Trades Near $60,000 Ahead Of Key US Economic Data

Major cryptocurrencies were trading higher on Thursday ahead of the second-quarter US gross domestic product (GDP) report and initial jobless claims, which are scheduled for release later in the day. Bitcoin gained nearly 1% in the past 24 hours, but remains below the $60,000 mark. The global crypto market capitalization increased 0.63% to $2.1 trillion. As of 12:09 PM IST, Bitcoin was trading at $59,724, up nearly 1%, while Ethereum was up 3.6% at $2,557.

Investors are now focusing on a preliminary estimate of second-quarter US gross domestic product, due later in the day, and the US Federal Reserve’s preferred gauge of inflation – the core index of personal consumer spending (PCE) – in Friday, for clues about the central bank’s plans to ease interest rates.

“Investors are wary of upcoming US GDP and PCE data, which could further weigh on the market.” A large withdrawal of $2.6 billion worth of bitcoins from Binance has raised liquidity concerns and increased market volatility, said Satvik Viswanath, co-founder and CEO of Unocoin.

“Bitcoin faces immediate support at $58,000, with resistance at $60,000 and $61,850. If BTC fails to hold above $58,000, it could fall further, with bearish momentum holding below $60,270,” he added Satvik.

Shivam Thakral, CEO of BuyUcoin, commented: “Bitcoin remains below the $60,000 mark ahead of today’s US jobs data release. Analysts expect a stronger jobs report, but Nvidia’s weaker earnings weigh on the US market, which could weigh on the crypto market. “

Altcoins and memecoins such as BNB, Dogecoin, Toncoin, Cardano, Shiba Inu, Litecoin, and XRP also saw price gains of up to 4% in the last day.

The volume of all stablecoins is currently $76.73 billion, accounting for 93.57% of the total 24-hour crypto market volume, according to CoinMarketCap.

In the past 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $1.176 trillion, with Bitcoin’s dominance at 56.02%, according to CoinMarketCap. BTC’s 24-hour trading volume fell 10.56% to $37.17 billion.

“Bitcoin is currently trading between two CME gaps – around $57,000 and $62,000 – suggesting a potential move in either direction to fill these gaps. Current price action remains uncertain and may continue this way through the weekend,” CoinDCX research team said.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of the Economic Times)

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