Bitcoin holds $29,200 despite mounting headwinds, altcoins slide lower

- Financial markets fell under pressure on Wednesday after Fitch Ratings downgraded the United States of America's Long-Term Foreign-Currency Issuer Default Rating to 'AA+' from 'AAA.'

The crypto market also faced additional downward pressure after reports emerged that the Department of Justice is considering charging Binance, the largest cryptocurrency exchange in the world, with fraud. Bitcoin’s price briefly peaked above $30,000 in the early hours on Wednesday, but reversed course as news of the downgrade spread, pulling back to support at $29,200, where it has traded since July 24.Tuesday’s price action led to “August Bitcoin futures prices [trading] higher in early U.S. trading Wednesday,” according to Kitco senior technical analyst Jim Wyckoff.

Foppen said the pump in BTC price on Tuesday was due to a short squeeze, and it briefly succeeded in pushing Bitcoin back into the trading range it has been in since June 21.Bitcoin has since fallen back out of that range, which led Foppen to consider two scenarios.

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