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The Crypto Market While You Were Asleep – 24 August

  • Bitcoin battles to move over the 0.618 Fibonacci retracement resistance near $51,200.
  • SwissBorg (CHSB) leads today’s gainers, surging 17%.
  • El Salvador plans to launch the Chivo BTC wallet on 7 September.
  • Let’s dig deep into what happened in crypto overnight.

Bitcoin Update

Bitcoin touched the $50,500 high on 23 August. With such actions, the leading coin neared the .618 Fibonacci retracement resistance and the $51.2K horizontal resistance zone.

Bitcoin formed a top wick and a possible shooting star candle. Meanwhile, today’s close will be critical to reject or confirm the possible shooting star reversals.

Technical indicators depict weakness. The RSI and MACD formed bearish divergences, the latter indicating bearish reversal gestures. Also, the stochastic oscillator nears a bearish cross.

Altcoin Movers

The overall crypto market capitalization stabilizes at $2.23 trillion after surging to $2.27T on23 August. Price actions over the last 24 hours saw BTC losing around 1% as Ethereum gains 0.5%. The indecisions see the alt market remaining calm.

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Meanwhile, some alternative coins have managed to climb over 10% since yesterday. SwissBorg (CHSB) leads the gainers by surging 17%.  CHSB has now gained 58% since last week, standing at $1.12. The altcoin is yet to reclaim its March ATH at $1.53.

On the other hand, Amp (AMP) has lost 7% since yesterday. That saw the altcoin falling to rank 50th by market capitalization as it trades at $0.063. Keep in mind that AMP traded at $0.041, its local high, on 21 July. The asset recovers gradually towards its ATH above $0.10.

The crypto market requires lucrative catalysts to sustain its surges. For now, analysts see most coins exploring new highs since BTC touched $50K.

Other Crypto Updates

On the other cryptocurrency news, El Salvador’s president declared the launch of the Chivo BTC wallet on 7 September. The LATMA nation appears to strengthen its crypto adoption news. Nayib Bukele, the leader, posted on Twitter that using Bitcoin won’t be compulsory.

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The NFT rush continues to expand with platforms such as OpenSea recording high sales.

Google App store had to remove eight crypto apps that misguided investors.

You can add any related thing that we missed.

Bentley Kapoor (India)

Bentley is a cryptocurrency enthusiast and trader, his articles are news and platform review based. His writings are brought to you through his 10 years of experience in the cryptocurrency markets.

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