Crypto Market Retreats Amid Strong Stocks and Prolonged Consolidation

The cryptocurrency market has retreated to its lower end of consolidation since May, mirroring patterns seen in June and July. The upward trend at the start of August failed to gain momentum, with the S&P 500 and Russell 2000 reaching new record highs.

A rotation away from tech stocks towards traditional sectors is evident, as buyers focus on the broader market. Among actively traded cryptocurrencies, Cosmos surged by 10% over the past 24 hours, while others declined, including Aptos, Bitcoin Cash, and NEAR Protocol.

Bitcoin's price dropped below $63K, returning to levels seen at the beginning of last week and falling below its 50-day moving average. This prolonged consolidation around the 200-week moving average may last between 18-70 weeks, with nine weeks already passed.