Radhika Parashar
- Market analysts have confirmed a market shift toward bearish momentum
- The market sentiment may see changes after the Fed releases FOMC data on August 20
- Majority altcoins reflected losses on Tuesday, August 19
Ahead of the upcoming FOMC data, the crypto market seems to have stabilized in the consolidated phase. Bitcoin registered a miniscule price dip of 0.31 percent to trade at $115,225, data by CoinMarketCap showed on Tuesday, August 19. Within the last seven days, the asset has dropped by 3.18 percent in its value stepping into a period of slight volatility.
Citing technical indicators, market analysts have confirmed a market shift toward bearish momentum.
“BTC currently trades near $115,600 as traders locked in gains following recent record highs of over $124,000. A staggering $3.3 billion in realized profits were booked last Saturday alone, marking the highest single-day cash-in moment since mid-July. Weekly stochastic oscillators hint at potential correction after a sustained rally,” the CoinSwitch markets desk told CoinHeadlines
Newsletter
Get weekly updates on the newest crypto stories, case studies and tips right in your mailbox.
Ether (ETH) joined BTC in reflecting losses on Tuesday. At the time of writing, the asset was trading at $4,240 after slipping by 2.55 percent over the last day. The CoinSwitch team said ETH is facing pressure amid a broader market retracement — but showing signs of resilience.
The Fed is scheduled to release the Federal Open Market Committee (FOMC) data on August 20. It will include insights on U.S.’ employment data, wages, price trends, and foreign exchange markets. Market commentators believe this data could give a new direction to the crypto sentiment.
For now, most altcoins are trading in small losses. These include Ripple, Binance Coin, Solana, USDC, Tron, Dogecoin, and Cardano. Stellar, Bitcoin Cash, Hedera, Avalanche, Litecoin, and LEO are also retailing at lower prices.
Also read: Crypto market bleeds $130–160 billion in 24 hours amid widespread liquidations
“The market turbulence earlier this week rattled sentiment, but the pullback looks more like a reset than a breakdown. Rather than weakness, this phase may be setting the stage for a measured but determined climb higher,” said Avinash Shekhar, Co-Founder and CEO of the Pi42 exchange.
Litecoin, Leo, Toncoin, and Monero, meanwhile, have managed to rope-in small nut notable gains.
The overall valuation of the crypto sector has tumbled by nearly one percent in the last 24 hours, bringing it down to $3.8 trillion.
Investors are advised to do thorough research on market trends and predictions before finalizing any investment decisions as market remains volatile.
