Bitcoin Continues to Fall, Ethereum Regains Strength

Bitcoin Continues to Fall, Ethereum Regains Strength

On Thursday, September 9, Bitcoin made another fall after yesterday’s crash from $52K. Meanwhile, Ethereum regained its strength and jumped to $3.5K.

The world’s largest cryptocurrency by market cap lost another 1.12% to $45,973.20 with a 24-hour change of $518.41.

Currently, Bitcoin has a market capitalization of $864.77 billion. Additionally, it has a 24-hour volume of $1.54 billion with a low of $44,457.11 and a high of $46,831.98.

On September 8, BTC’s price heavily fluctuated towards $42,000 before it started a recovery within the day. Then, it was able to rise above the resistance levels of $43,500 and $45,000.

Also, Bitcoin climbed over the 23.60% Fibonacci retracement level of the main impairment to $42,000 low from $52,800 high.

In addition, the bulls were able to push the price above the level of $46,000 but they encountered sellers close to the $47,450 level.

An analyst stated that the 50% Fibonacci retracement level of the major fall to $42,000 low to $52,800 high acted as a support.

Moreover, there is a key bearish trend zone assembling with resistance just about the $47,000 level on the BTC/USD pair hourly graph.

Now, the pair is trading well beneath $48,000 and the 100 hourly simple moving average. It has a prompt resistance upward close to the $47,000 level.

Then, Bitcoin’s first main resistance is near the $47,500 zone wherein a close to this level could trigger a rise.

Based on the analysis, the next major obstacle for bulls could be close to the $48,500 zone.

In conclusion, Bitcoin could begin a new fall if it fails to break the resistance zone of $47,500.

Ethereum Up while Bitcoin Still Down

Meanwhile, Ethereum continued its rally after yesterday’s dip. On September 9, it rebounded higher by 1.10% to $3,472.03 with a 24-hour change of $37.84.

Currently, it has a market capitalization of $406.91 billion. Also, it has a 24-hour volume of $1.71 billion with a low of $3,218.21 and a high of $3,560.19.

Likewise, Solana soared 22.10% to $211.35 with a market capitalization of $60.95 billion and a 24-hour volume of $16.20 billion.

The same with Litecoin which jumped 0.66% to $180.18 with a market capitalization of $12.04 billion and a 24-hour volume of $4.28 billion.

Consequently, Bitcoin Cash hopped 0.17% to $669.94 with a market capitalization of $12.62 billion and a 24-hour volume of $4.69 billion.

However, XRP and Cardano both crashed 0.90% to $1.10 and 1.39% to $2.43, respectively.

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