Bitcoin Consolidates at $79,000 as Traders Await Next Trigger
Bitcoin has consolidated near $79,000 after a recent recovery, and traders are waiting for the next trigger. According to Riya Sehgal, Research Analyst at Delta Exchange, Bitcoin is currently consolidating around $78,000-$79,000, with traders closely watching whether buyers can push the price back toward the $82,000 area.
The global crypto market capitalisation has gone up 0.12% to $2.65 trillion, according to CoinMarketCap. The weighted sentiment of Bitcoin turned negative for the first time since the rally began, indicating that the crowd still has not bought into the price surge, said CoinDCX Research Team.
Prateek Gupta, Head of Business at Mudrex, noted that Bitcoin and Nvidia have recorded a rolling 90-day correlation of over 0.5, highlighting how closely crypto has traded with high-growth technology assets. He also warned that if AI spending expectations weaken sharply, crypto could face spillover pressure as institutional investors reassess risk across high-beta assets.
Vikram Subburaj, CEO at Giottus, stated that the crypto market has managed to hold most of its sharp August gains despite hotter US inflation data; immediate support lies around $77,600-$78,000.