On Tuesday, September 28, Bitcoin fell to the $42K price level pulling cryptocurrencies down. This dragged Ethereum, the largest altcoin, beneath the $2K zone.
The world’s largest cryptocurrency by market cap decreased 3.12% to $42,514.49 with a 24-hour change of $1,359.60.
Currently, Bitcoin has a market capitalization of $801.83 billion. It has a 24-hour volume of $775.19 million with a $42,000.00 low and a $44,227.04 high.
In early trading, the price began a steady upward trend over the resistance zone of $43,000.
It even rose above $44,000 and the 100 hourly simple moving average, however, it failed to widen the gains.
Besides, an upside continuation more than the range of $44,500 and $45,000 has not been met.
This resulted in a downward correction under the levels of $44,000 and $43,500.
Additionally, Bitcoin declined beneath the 50% Fibonacci retracement level of the rising movement to $44,327 high from $40,802 low.
Now, the price is trading under $43,000 and the 100 hourly simple moving average.
Also, there is a key bearish trend line establishing with resistance just about the $43,000 zone on the BTC/USD pair hourly chart.
At the moment, Bitcoin is consolidating close to the $42,200 level. Accordingly, the bulls are guarding the 61.80% Fibonacci level of the upper motion to $44,327 high from $40,802 low.
Based on the positive analysis, a swift resistance is near the level of $42,800. Then, the first major resistance is close to $43,000 and the 100 hourly simple moving average.
An analyst stated that Bitcoin’s close over $43,000 could ignite a new rise. Therefore, a clear break above $45,000 should be sparked by a key reversal anytime soon.
Crypto Crashed as Bitcoin Dropped
Furthermore, Ethereum fluctuated 6.01% to $2,941.47 with a market capitalization of $346.39 billion and a 24-hour volume of $19.18 billion.
Likewise, Litecoin slid 3.92% to $147.27 with a market capitalization of $9.80 billion and a 24-hour volume of $2.74 billion.
Consequently, Bitcoin Cash tumbled 3.97% to $493.92 with a market capitalization of $9.31 billion and a 24-hour volume of $5.74 billion.
The same with Chain Link which sank 6.36% to $23.40. It has a market capitalization of $10.60 billion and a 24-hour volume of $1.04 billion.
Also, Cardano lost 3.80% to $2.16 with a market capitalization of $68.94 billion and a 24-hour volume of $2.87 billion.
