On Wednesday, September 8, Bitcoin crashed to $42K and is trying to stabilize at $46K from yesterday’s $52K which broke Ethereum’s rally and caused altcoins to plunge.
At the time of writing, BTC is trading at $46,593.07 crashing 11.58% with a 24-hour change of $6,100.50.
Currently, Bitcoin has a market capitalization of $876.39 billion. Additionally, it has a 24-hour volume of $3.12 billion with a low of $42,921.27 and a high of $52,733.10.
The price of the world’s largest cryptocurrency failed to clear the $53,000 zone and began a major fluctuation.
It cracked the $52,000 support zone and the 100 hourly simple moving average towards a bearish zone.
Also, there was a break under its bullish trend line with support close to $52,150 on the BTC/USD pair hourly chart. The pair even collapsed below the support zone of $48,500.
In addition, a spike under the $45,000 support zone occurred and Bitcoin’s price tested the level of $42,000.
An analyst stated that a low was created just about the $42,000 zone before a recovery wave happened. Then, Bitcoin rose over the resistance of $45,000.
Based on the analysis, BTC broke the 23.6% Fibonacci retracement level of the previous fall to $42,000 low from $52,800 high.
Additionally, a swift resistance on the uptrend is close to the level of $47,500.
This is near the 50% Fibonacci retracement level of the recent downturn to a swing low of $42,000 from a swing high of $52,800.
In conclusion, if Bitcoin fails to break the resistance zone of $48,500, then it could begin a new trend of decline.
Crypto Down as Bitcoin Collapses
Furthermore, Ethereum concluded its week-long rally following Bitcoin’s price crash.
The world’s second-largest cryptocurrency by market capitalization sharply fell 12.04% to $3,441.00.
Currently, it has a market cap of $403.85 billion with a 24-hour volume of $40.43 billion.
Likewise, Cardano tumbled 12.51% to $2.46 with a market cap of $79.42 billion and a 24-hour volume of $12.02 billion.
Consequently, Bitcoin Cash fluctuated 13.67% to $668.73 with a market capitalization of 12.61 billion and a 24-hour volume of $4.79 billion.
Also, Uniswap flopped 15.70% to $24.09 with a market capitalization of $14.81 billion and a 24-hour volume of $1.42 billion.
In addition, Dogecoin plummeted 16.36% to $0.25. It has a market capitalization of $33.39 billion and a 24-hour volume of $5.84 billion.
