BTC Dips Below $59k as Analysts Predict Bearish Performance this Week

TL;DR

• BTC lost 5% of its value over the weekend and is now trading below $59k per coin.

• Analysts are predicting bearish movements this week ahead of the CPI data release in the US and UK on Wednesday.

BTC Could Dip Further as Bears Take Control

The cryptocurrency market was bearish over the weekend, with most coins and tokens losing more than 4% of their value during that period. Bitcoin, the leading cryptocurrency by market cap, is down by 4.5% over the last 24 hours and is currently trading above $58,600 per coin.

The bearish performance comes as analysts predict further market correction for BTC and other cyrptocurrencies this week. On Wednesday, both the U.K. and the U.S. will release July’s Consumer Price Index (CPI) readings. 

If the readings are not favorable, BTC could retest the $50k level in the coming days. Augustine Fan, head of insights at SOFA.org told CoinDesk that,

“Crypto prices will likely be rangebound with a bias to the weak side. However, the technical damage and sentiment drag remain, with on-chain cost models and MVRV models suggesting further possible shake-out before Jackson Hole. Crypto markets lack a clear anchor and are susceptible to continued position adjustments. We continue to see muted ETF inflows for BTC and ETH over the past few sessions.”

Ether, the second-largest cryptocurrency by market cap, is down by 4% in the last 24 hours and is also trading at $2,566 per coin.

With BTC and altcoins underperforming, the total cryptocurrency market cap has dropped to $2.07 trillion, down by roughly 4% over the weekend.