Bitcoin
BTC$18 917.31

-1.02%

Ethereum
ETH$1 298.77

-3.27%

Tether
USDT$1.000070

0%

USD Coin
USDC$1.000058

0.01%

Binance Coin
BNB$274.90

-1.14%

XRP
XRP$0.501984

0.54%

Bitcoin falls below $48,000 as recent rally runs out of steam


26 Aug 2021

#Bitcoin

The price of Bitcoin dropped below $48,000 on Wednesday as the recent rally continues to run out of steam following the breach of $50,000 earlier this week. The downside stemmed after Bitcoin found resistance ahead of the key $51,000 level, which is also the 61.8% Fibonacci retracement level from the all-time high in April to the July low. Since hitting a high of $50,500 on Monday, the world’s largest cryptocurrency has now dropped on consecutive days to trade at its lowest level since 20th August.

Technical View

If Bitcoin continues to move lower, the next key level of support is the 50% Fib level from the April high to July low around $46,800. Below that and the next support level is the 200-day moving average which comes in near $46,000. A move below there and $42,500 looks like major support, having acted as previous resistance on the move higher and as it represents the 38.2% Fib level from the April high to July low.

For Bitcoin to resume its uptrend, $50,000 will need to be the first major resistance level to overcome before $51,000. A move above that level could then open the door to Bitcoin retesting its all-time high from April near $65,000.

Other cryptocurrencies also decline

Other major cryptocurrencies have also come under selling pressure on Wednesday. Cardano, which is now the world’s third largest cryptocurrency, has fallen over 5% in the last 24 hours as the recent rally takes a breather. The cryptocurrency has risen around 180% in the last month ahead of the Alonzo Purple upgrade on September 12th. The upgrade will bring smart contracts and allow decentralised finance applications on the Cardano network.

Ethereum has shown similar price action, having fallen around 5% in the last 24 hour period. This comes despite the non-fungible token (NFT) market taking off in recent days, amid increased corporate interest. Payments company Visa (NYSE:V) confirmed on Monday it had paid $150,000 for an NFT named CryptoPunk 7610.

Budweiser has also entered the NFT sphere, changing the display picture on its Twitter profile to a rocket ship created by NFT “artist” Tom Sachs. The beer brand, owned by Anheuser Busch Inbev (NYSE:BUD), reportedly paid eight Ether for the picture and also bought the Beer.eth domain name for 30 Ether, or approximately $100,000.


Related

The crypto market has taken a hiatus from the sell-off
The crypto market has taken a hiatus from the sell-off
Crypto bears confirmed their strength
Crypto bears confirmed their strength
The crypto market has taken a step up but has not yet fly
The crypto market has taken a step up but has not yet fly
Cryptocurrencies: Main Week of the Calendar
Cryptocurrencies: Main Week of the Calendar
Is Bitcoin heading to $15K? Why are the markets suddenly pulling back?
Is Bitcoin heading to $15K? Why are the markets suddenly pulling back?
Crypto market's fragile stability
Crypto market's fragile stability
Bugatti Sports Car for 1 BTC: a Pipe Dream or Reality?
Bugatti Sports Car for 1 BTC: a Pipe Dream or Reality?
The crypto market tests the strength of buyers
The crypto market tests the strength of buyers
Bitcoin seeks support
Bitcoin seeks support

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 80.8% 26 $18 917.31 -1.02% -4.11% $362 463 667 283 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.8% 54 $1 298.77 -3.27% -6.06% $159 129 662 025 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000070 0% 0% $67 959 486 248 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000058 0.01% 0% $49 596 112 733 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 15 $274.90 -1.14% 0.65% $44 352 122 648 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 61.6% 74 $0.501984 0.54% 26.46% $25 023 258 974 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000777 0.03% 0.03% $20 533 202 140 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 83.2% 32 $0.449897 -2.32% -3.88% $15 400 494 496 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 84.8% 28 $32.71 -3.79% 0.84% $11 601 976 269 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 85.6% 14 $0.061846 -3.69% 3.13% $8 205 146 170 DOGE 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 78.8% 41 $6.23 -3.04% -8.15% $6 984 955 644 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $0.999539 -0.04% -0.04% $6 927 324 765 DAI 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 73.6% 55 $0.749357 -2.69% -5.72% $6 545 118 739 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 76.4% 42 $0.000011 -3.43% -2.78% $6 126 642 475 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.