Bitcoin (BTC) Dips Below $58K, Monthly Loss Exceeds 12% as Market Awaits US Labor Day Holiday

Bitcoin's trading trajectory presents a continued decline, dipping below $58,000 during the U.S. trading session today.

Bitcoin price fell below $58,000 during the U.S. trading session on Monday morning, as cryptocurrency prices continued their slide.

BTC was trading at $58,200 by 9:24 ET (13:24 GMT), down 4.4% over the prior 24 hours.

This drop outperformed the broader CoinDesk 20 Index, which fell 5.6% over the same period.

Other major cryptocurrency prices also fell, with ether, Chainlink, and Cardano posting steeper declines. Solana reported the sharpest drop among the top 20 cryptocurrencies, falling over 9%.

Bitcoin’s monthly loss was above 12% as August nears its close, erasing gains seen in July. Ether has fallen by 25% this month, reducing its year-to-date gain to 7%. Solana’s yearly advance has also shrunk to 31% following a 25% decline this month.

According to market analysts, a trend has emerged where cryptocurrency prices tend to rise during Asian trading hours but fall as America comes online. Miles Deutscher, co-founder of Pangea Chain, highlighted this pattern.

He noted that BTC gained more than 5% in Asia over the past two weeks, yet recorded losses during U.S. trading hours.

Despite potential bullish drivers like rising institutional adoption and a possibly more favorable regulatory outlook, bitcoin remained over 20% below its peak around $73,500, which was hit five months ago.

The upcoming U.S. Labor Day holiday could also impact the market, especially with new economic reports expected.

The Nonfarm Payrolls Report for August is set to be released next Friday, which will be closely watched by market participants.

Following a disappointing July jobs report, expectations are currently set for a modest rate cut by the Federal Reserve.

However, another weak jobs report could lead to expectations for a more aggressive cut, which might inject positive momentum into risk-sensitive markets like cryptocurrencies.

On the other hand, a strong employment report in September could reduce hopes for significant monetary easing, tempering market expectations.

These economic indicators will likely influence market movements significantly in the near term.

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