Bitcoin Continues to Fall after its $50K Rise, Drops to $47K

On Thursday, August 26, the price of Bitcoin continued to fall from Wednesday’s $48K to $47K on the following day after it topped $50K, since May, last August 23.

Bitcoin declined 2.13% with a net loss of 1,029.06 sending the price to $47,199.71. It has a market capitalization of $887.43 billion with a 24-hour volume of $33.51 billion.

The world’s largest cryptocurrency began its forecasted steady decline under the $48,000 support.

Additionally, Bitcoin even outstretched its fluctuation below the $47,500 zone. However, the bulls are still active in just about the $47,200 area.

On Wednesday, a low was extended and formed nearby $47,165 but fortunately, BTC began its fresh rise.

An analyst stated that Bitcoin already broke the $48,000 and $48,500 resistance zones.

He added that there was a break over the 50% Fibonacci retracement level of the descending move to $47,165 low from $50,520 high.

Then, a break above a key bearish trend line formed with a resistance close to $48,850 based on the BTC/USD pair hourly chart. Also, the pair tested the resistance zone of $49,200.

Now, Bitcoin’s first key resistance is anticipated to come near the level of $49,200. 

It is close to the 61.80% Fibonacci retracement level of the downfall movement to $47,165 low from $50,520 high.

In addition, analysts forecasted the Bitcoin could enter a steady increase if it breaks over the $49,200 resistance closely above the 100 hourly SMA.

However, if BTC failed to jump over the $49,200 resistance level, it can begin a new gain but its immediate support is only near $48,500.

Crypto Price Down as Bitcoin Fell

Furthermore, Ethereum fluctuated 1.54% with a net loss of 46.82. This sent its price to $3,142.68 with a market cap of $368.20 billion and a 24-hour volume of $20.52 billion.

Likewise, Bitcoin Cash plummeted 3.02% with a net decline of 18.89 sending the price to $625.47. It has a market capitalization of $11.78 billion and a 24-hour volume of $4.75 billion.

The same with Cardano which sharply fell 4.76% or 0.13 to $2.63 with a market capitalization of $84.85 billion. It has a 24-hour volume of $5.66 billion.

Also, Uniswap tumbled 2.90% with a net fall of 0.78 sending the price to the bottom at $26.15. It has a market cap of $26.15 billion with a 24-hour volume of $342.11 million.

Additionally, Cardano collapsed 4.33% with a net subtraction of 0.01. This sent the price to $0.28 with a market cap of 36.60 billion and a 24-hour volume of $2.16 billion.