By Elsa Ohlen
Bitcoin traded largely sideways to start Labor Day as other cryptocurrencies mostly fell.
Bitcoin was down less than 0.1% over the past 24 hours to $108,721, according to CoinDesk data. The world's largest crypto fell sharply Friday while altcoins dropped even more.
Ether and XRP were down 0.7% and 2.8% Monday, respectively. Solana fell 1.5%. U.S. equity markets were closed for Labor Day.
Bitcoin hit a record high in mid-August of more than $124,000. Despite a dip in both cryptos and equities in April following President Donald Trump's sweeping global tariffs, cryptocurrencies have been on an upward trend since late 2024 when it became clear that crypto-friendly Trump would return to the White House.
However, Bitcoin may have peaked for now, and a deeper correction could be in the cards, said John Glover at Ledn. Prices could fall as low as $75,000, according to technical analysis, he said, however noting uncertainty around the price prediction.
Technical analysis is a method of predicting future asset prices based on historical data, assuming patterns will repeat themselves. There are limitations with this type of analysis as it doesn't take into consideration unforeseen events which can significantly impact prices and make them deviate from historical patterns.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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September 01, 2025 04:20 ET (08:20 GMT)
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