BTC$37 097.04


ETH$2 019.04




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

26 Aug 2021


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.


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Top Cryptocurrencies with Price Predictions

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

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