Bitcoin Loses Momentum and Falls under $60K

Bitcoin is back below $60K as it drops after hitting a high above $61,000, and it is still in the same trading range it has been stuck in.

Written by: Timothy St. John • Friday, August 30, 2024 • 2 min read

• Last updated: Friday, August 30, 2024

On Thursday, the cryptocurrency market was picking up steam and making gains down the line, with Ethereum (ETH), Bitcoin (BTC), and other coins showing sharp upward spikes.

Late Thursday afternoon, the crypto market again flipped and started to drop precipitously. Bitcoin dropped to a low of $58,751 (BTC/USD), coming down from $61,128 just hours before. That drop of 3.9% was a tough pill for Bitcoin investors to swallow, but the token started to make a recovery shortly thereafter.

Bitcoin has since climbed back up to $59,433, its current price at the moment. Anything below $60K is going to look bad on Bitcoin for investors and cause many of them to lose hope in the coin making progress toward $70K.

Bitcoin should be doing well this morning. The recent jobless claims report was a positive one, proving that the job market is improving slightly. US inflation is down somewhat, and the US GDP is up. Market analysts are baffled as to why Bitcoin and other crypto tokens are not responding much like the stock market, with day after day of gains and overall bullish behavior.

The Current State of Bitcoin

Instead, what we are seeing with Bitcoin and much of the crypto market is that there is difficulty in breaking free from their current levels. Bitcoin is stuck close to $60K, flip-flopping between $58K and $61K. Once it moves higher than $61,000, the coin tends to drop and drop sharply. Once it hits close to $58,000, the token turns around and climbs past $60K.

That makes for a predictable market for day traders to earn their profits, but it is maddening for those who have been waiting for Bitcoin to make progress out of its current trading zone and toward a new high.

Predictions that place Bitcoin at $100K within the next few months or even the next year seem wildly optimistic at this point and not based at all on the coin’s current trends. We will see if things might look more positive for the coin when the Federal Reserve cuts interest rates in September.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.