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.
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 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.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | ![]() |
Bitcoin predictions | 89.2% | 8 | $37 097.04 | -0.82% | -0.64% | $725 437 085 348 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ![]() |
Ethereum predictions | 76% | 49 | $2 019.04 | -1.45% | 0.43% | $242 776 798 446 | ||
3 | ![]() |
Tether predictions | 93.2% | 1 | $1.000111 | -0.01% | -0.02% | $88 908 727 469 | ||
4 | ![]() |
Binance Coin predictions | 81.6% | 28 | $227.76 | -0.55% | -12.18% | $34 550 632 059 | ||
5 | ![]() |
XRP predictions | 76.8% | 42 | $0.603348 | -0.85% | -1.91% | $32 470 391 190 | ||
6 | ![]() |
USD Coin predictions | 94% | 1 | $1.000026 | 0% | 0.01% | $24 454 222 190 | ||
7 | ![]() |
Solana predictions | 56.8% | 87 | $55.65 | -0.84% | -2.04% | $23 564 558 713 | ||
8 | ![]() |
Cardano predictions | 70% | 62 | $0.373728 | -3.13% | -2.52% | $13 191 951 930 | ||
9 | ![]() |
Dogecoin predictions | 75.2% | 48 | $0.077436 | -3.25% | 0.32% | $10 996 813 709 | ||
10 | ![]() |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
11 | ![]() |
TRON predictions | 81.2% | 27 | $0.101882 | -3.96% | 0.25% | $9 022 656 866 | ||
12 | ![]() |
Wrapped TRON predictions | 82% | 30 | $0.101336 | -4.78% | 0.31% | $8 974 267 655 | ||
13 | ![]() |
Toncoin predictions | 80% | 31 | $2.45 | 3.78% | 5.17% | $8 403 396 761 | ||
14 | ![]() |
Chainlink predictions | 63.6% | 69 | $14.12 | -2.71% | -0.92% | $7 863 012 004 | ||
15 | ![]() |
Avalanche predictions | 57.6% | 86 | $19.93 | -3.53% | -5.56% | $7 275 106 541 |
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 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.