On Wednesday, September 22, Bitcoin made another fall but stayed within the $42K price level making altcoins continue facing their losses. This caused Ethereum to drop to $2K.
The world’s largest cryptocurrency by market cap plummeted 1.36% to $42,161.73 with a 24-hour change of $555.52.
Currently, Bitcoin has a market capitalization of $793.59 billion. Then, it has a 24-hour volume of $1.94 billion with a low of $39,612 and a high of $43,614.60.
It failed its recovery attempt over the resistance levels of $43,500 and $43,650 establishing a fall under the support zone of $42,000.
Then, Bitcoin extended its fall below the support levels of $40,200 and $40,000. In addition, a low was created just about $39,579 before it began an upside correction.
After that, BTC returned between $40,000 and $41,000 but it is still trading under $43,000 and the 100 hourly simple moving average.
Moreover, Bitcoin exceeded the 50% Fibonacci retracement level of the previous decrease to $39,579 low from $43,624 high. Now, it is consolidating below the resistance of $42,500.
Based on the BTC/USD pair hourly chart, there is a key bearish trend line launching with resistance close to $42,500.
Also, this trend line is near the 76.40% Fibonacci retracement level of the recent fall to $39,579 low from the $43,624 high.
An analyst stated that Bitcoin must clear the resistance zone of $42,500 to make a strong recovery.
If so, its next major resistance is close to the $43,000 zone where the price could climb towards the resistance level of $45,000.
Crypto Still Down as Bitcoin Fails to Recover
Furthermore, Ethereum, which is the largest altcoin and second-largest crypto by market cap, lost 4.84% and dropped to $2,866.40.
Currently, it has a market capitalization of $338.31 billion and a 24-hour volume of $29.98 billion.
Likewise, Litecoin tumbled 5.79% to $151.72 with a market cap of $10.18 billion and a 24-hour volume of $2.54 billion.
Consequently, Bitcoin Cash plummeted 4.60% to $517.09 with a market capitalization of $9.79 billion and a 24-hour volume of $5.84 billion.
The same with Stellar which fluctuated 3.98% to $0.27. It has a market capitalization of $6.49 billion and a 24-hour volume of $648.63 million.
Also, Polkadot collapsed 4.59% to $27.48 with a market capitalization of $27.29 billion and a 24-hour volume of $3.16 billion.