Bitcoin Traders Eye $55K Amid U.S. Stocks Sell-off, XRP Leads Losses in Major Cryptos

Bitcoin traders are closely watching the $55K level as global asset sell-off continues into its third day. Despite rebounding from lows near $62,500, BTC remains under pressure, trading near its 50-day moving average. This key technical support level is crucial for traders, and a failure to hold could potentially lead to a further decline towards $55K. August has historically been a challenging month for BTC, with more down months than up. In the past 24 hours, major cryptocurrencies like ETH, XRP, and SOL experienced losses amid weakness in global equities. The Nasdaq 100 and S&P 500 also suffered losses, further contributing to the sell-off. However, Microstrategy’s standout performance in Q2 due to BTC investments and their adoption of fair-value accounting for BTC has brought attention to the potential benefits for the broader Bitcoin market.