On Monday, August 30, Bitcoin, which is the world’s largest cryptocurrency, dropped at $47K. Based on the analysis, it could start a new high if it rose and stayed above $48K.
Currently, Bitcoin plummeted 0.59% to 47,977.50 with a market capitalization of $901.98 billion.
It has a 24-hour volume of $589.45 million with a low of $47,821.02 and a high of $49,404.83.
Earlier in the day, Bitcoin was trading over $48,500 and the 100 hourly simple moving average.
Also, there was a major bullish trend that attempted to form with support close to $48,500 according to the BTC/USD pair hourly chart.
Analysts are expecting that the next key support will be near the $48,000 level and the 100 hour simple moving average.
This is just about the 50% Fibonacci retracement level of the uptrend movement to the high of $49,657 and from the low of $46,486.
An analyst said that the price of Bitcoin could proceed to fall if there will be a downtrend break under the support zone of $48,000.
Additionally, the next big support is just about the level of $46,550.
He also said that they are expecting a fresh increase once Bitcoin climbed at $48,000 earlier in the day.
It is because BTC broke the resistance level of $49,000 and settled over the 100 hourly simple moving average.
However, the price of Bitcoin fell at the moment and it failed to gain strength over the level of $49,500.
Based on data, a high was created near $49,657 before it began a downward trend where a drop under the $49,000 support level happened.
Therefore, the Bitcoin price shifted below the 23.60% Fibonacci retracement level of the uptrend movement to $49,657 high from $46,486 low.
Crypto Prices Mostly Down as Bitcoin Slides
Furthermore, Ether crashed 0.68% to $3,158.46 with a market capitalization of $370.10 billion.
It has a 24-volume of $437.70 million with a $3,47.01 low and a $3,258.25 high.
Likewise, Dogecoin dropped 0.24% to $0.28 with a market capitalization of $36.58 billion. It has a 24-hour volume of $1.34 billion with a low of $0.28 and a high of $0.29.
The same with Bitcoin Cash which plummeted 5.00% to $646.42 with a market capitalization of $12.17 billion.
It has a 24-hour volume of $4.56 billion with a low of $642.08 and a high of $683.67
Meanwhile, Cardano jumped 1.54% to $2.80 with a market capitalization of $90.59 billion. It has a 24-hour volume of $4.36 billion with a low of $2.76 and a high of $2.94.