Bitcoin (BTC) Markets Turned Red

Cryptocurrency markets turned red on Wednesday as rising recession fears in the U.S. weighed on risk assets.

Cryptocurrency prices slipped into negative territory on Wednesday as rising recession fears in the U.S. weighed on risk assets.

According to reports, several economists have revised down their forecasts for U.S. economic growth in 2024, and a prominent economist at Goldman Sachs is now predicting a recession in early 2024.

These gloomy predictions come amid a mixed bag of economic data. While inflation remains sticky, several key labor market indicators have shown resilience in recent weeks.

One report from the Conference Board showed consumer confidence slipped more than expected in August.

These developments could influence the Federal Reserve's decision on interest rates.

Among the notable movers, Bitcoin (CRYPTO: BTC) fell by 0.74% in the past 24 hours to $94,308.9.

Averaging data from seven major cryptocurrency exchanges, Bitcoin showed a slight 0.08% decrease over the past 24 hours by 7:36 AM ET (11:36:00 GMT).

The cryptocurrency maintained its position above the critical $90,000 level, a key psychological threshold in the market.

Trader Notes:

Crypto trader Kaleo pointed out that Bitcoin has just set a new all-time high relative to the Nasdaq, breaking above its 2021 peak.

BTC is now consolidating near those levels, a bullish sign suggesting it's primed for another breakout. Momentum favors further upside, and this looks like the start of a major outperformance leg, Kaleo noted.