Bitcoin saw slight drop but remains within the crucial $19,000 level with the global crypto market showing a positive trend. The top two cryptocurrencies continue to yo-yo with slight dips and ups.
At the time of writing this article, BTC price was at $19,399 and Ether at $1,639. The last seven days saw Ether gain 2.78%, while Bitcoin lost 3.89% of its value. Most major altcoins, as per CoinMarketCap, are showing slight gains. Solana is up 4.71% in the last 24 hours, Polkadot 3.33%, Avalanche 3.28%, and XRP 2.92%.
Bitcoin, in the last few days, broke the $19,200 level and tested the resistance at $19,500. It is likely to breach the resistance if the bulls remain in action. But if there is a fresh decline, BTC could dip to $18,800. Analysts believe the price of Bitcoin is heavily correlated to the legacy markets. This time around with the NASDAQ also under huge pressure, BTC is very much correlated to external economic forces. The world’s popular cryptocurrency is trading at approximately 10% discount to its $21,400 point of control, ETH is trading at 42% premium to its point of control of $1,147. With the Merge around the corner, ETH appears to be generating a strong volume at its current price point.
Moreover, the Federal Reserve reiterated its commitment to stemming inflation which increased expectations for a 75 basis points rate hike in September. Despite the hawkish remarks, Bitcoin rose 0.4%. It traded lower the hour prior to Powell’s comments but soon reversed course. Furthermore, a White House report on Thursday highlighted the environmental impact of mining digital assets like Bitcoin impeding US efforts to combat climate change.
