Bitcoin’s
(BTC)
attempt
for
a
bounce
faded
yet
again
during
Thursday’s
U.S.
trading
session,
the
price
breaking
back
below
$59,000
after
climbing
above
$61,000
earlier.
BTC
was
still
holding
on
some
of
its
gains
over
the
past
24
hours,
up
0.6%,
in
line
with
the
broad-market
CoinDesk
20
Index.
Ether
(ETH)
was
down
0.5%,
barely
holding
above
the
$2,500
price
level.
Artificial
intelligence
focused
cryptocurrencies
led
losses,
dragged
lower
by
chip
making
giant
Nvidia’s
(NVDA)
6.4%
slide
after
reporting
quarterly
results
Wednesday
evening.
Native
tokens
of
Render
(RNDR),
Artificial
Superintelligence
Alliance
(FET)
and
Bittensor
(TAO)
were
lower
by
7%-10%
for
the
day.
U.S.
stocks
also
gave
up
early-day
gains,
led
by
the
tech-heavy
Nasdaq,
lower
by
0.3%
40
minutes
before
the
closing
bell
after
being
higher
by
more
than
1.5%
earlier.
Bulls
would
have
needed
to
push
prices
past
$61,000,
above
key
short-term
moving
averages
on
the
4-hour
timeframe,
to
have
a
meaningful
odds
to
rally
to
the
upper
side
of
the
range,
pseudonymous
crypto
analyst
Skew
pointed
out.
The
price
action
suggests
that
crypto
markets
are
in
for
more
consolidation
as
the
quick
recovery
from
the
early
August
plunge
to
below
$50,000
continues
to
fizzle.
The
largest
crypto
has
stuck
in
a
downtrend
since
its
all-time
record
of
$73,000
in
March,
making
lower
highs
and
lower
lows
ever
since.
