On Wednesday, August 2, Bitcoin and other top crypto tokens showed an upward trend after Fitch's action. The global rating agency downgraded the US long-term ratings from AAA to AA+. This comes at a time when companies are reporting relatively positive earnings.

Bitcoin exhibited strong performance on Wednesday, gaining around 3%, and reclaimed the USD 29,000 milestone. Ethereum, its largest competitor, also experienced an increase of over 2%, surpassing the USD 1,850-level. Altcoins, too, demonstrated mostly positive trading.

In the past 24 hours, Bitcoin surpassed the USD 29,000 mark, and this surge could be attributed to MicroStrategy's decision to sell USD 750 million in stocks to acquire more bitcoin. Another potential contributing factor might be the recent downgrade of the US dollar by Fitch, raising concerns about debt and fiscal deterioration. Edul Patel, co-founder, and CEO at Mudrex, shared insights on this development, highlighting that this situation contrasts sharply with the reaction seen in 2012 when companies reacted nervously to S&P's downgrade of US debt. Furthermore, investors are now eagerly anticipating the Litecoin hardening event. Meanwhile, Ethereum has been trading within the range of USD 1,800 to USD 1,900 for the past week and is currently trading around USD 1,867.

With the exception of the US dollar-pegged Tether, all major crypto tokens showed gains on Wednesday. Polygon surged approximately 4%, while Litecoin and BNB recorded a 3% increase each. Cardano, XRP, Dogecoin, and Polkadot also saw a rise of 2% each during the early hours.

The global cryptocurrency market cap showed significant growth, reaching the USD 1.19 trillion mark, surging over 2% in the last 24 hours. Concurrently, total trading volumes witnessed a remarkable increase of about 32%, amounting to USD 39.93 billion.

Bitcoin (BTC) managed to reverse its bearish momentum after hitting a low of USD 28,500 overnight. Currently, it is trading near USD 30,000, an essential resistance level to conquer for bullish price action. The dominance of BTC has reached 50% again, signaling that Bitcoin is likely to lead the market in terms of volatility and movement in the near term.

At present, BTC is consolidating within the USD 28,500 - USD 31,500 range, intersecting a long-term support line in the middle of the month. There is a possibility of the price revisiting these lows to test as support. The 14-day RSI (Relative Strength Index) currently stands at 46, indicating a neutral sentiment. If BTC breaches USD 30,400 after testing support, momentum is expected to push the asset toward its USD 31,500 resistance.

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