Crypto market consolidates as Bitcoin holds above $29,300

- Consolidation remains the name of the game for the crypto market as prices traded sideways on Thursday while investors continue to digest the recent downgrade of the U.S. debt rating.

At the closing bell, the S&P, Dow, and Nasdaq finished lower, down 0.25%, 0.19%, and 0.10%, respectively. Addressing the recent decline in price action for Bitcoin, Mike McGlone, senior macro strategist for Bloomberg Intelligence, said, “Bitcoin 180-day volatility is the lowest ever at about 46% at the start of August, which is typically bullish for prices.”

Market analyst Rekt Capital warned a bearish divergence is potentially forming for Bitcoin, and stressed the need for it to hold above $29,250, or risk flipping that support level to resistance.Meanwhile, $BTC is teetering at the ~$29250 Monthly level

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