Bitcoin's price struggled to maintain its gains, slipping below $59,000 after previously climbing above $61,000, reflecting ongoing volatility and consolidation in the crypto markets.
Artificial intelligence-focused cryptocurrencies faced significant declines, influenced by Nvidia's 6.4% drop post-earnings report, leading tokens like Render and Bittensor to plummet by 7%-10%.
Technical analysis indicates that for Bitcoin's bulls to regain momentum, they needed to surpass the $61,000 mark, which aligns with key short-term moving averages.
The current price action indicates that the market is experiencing consolidation, with Bitcoin's downtrend since its March peak of $73,000 contributing to the prevailing instability.
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