On Tuesday, August 24, Bitcoin price retreated to $49K following its $50K correction last Monday. This phenomenon made cryptocurrency crash as well.
At the moment, Bitcoin is trading at $49,617.43 falling 1.28% or 642.99 points. It has a market capitalization of $932.58 billion with a 24-hour volume of $38.09 billion.
Last Monday, Bitcoin traded over the $50,000 resistance level, however, no rising continuation happened.
An analyst said that there is a break under Bitcoin’s $50,000 and $49,800 levels.
The bears lifted the price below the 50% Fibonacci retracement zone of the upward moves to the $50,506 high from the $48,098 low.
Also, there was a break under a key bullish trend zone with support near $49,500. This is based on the hourly chart of the BTC/USD pair.
Now, as Bitcoin trades in the $49,000 level, it stays within the 100 hourly simple moving average.
An analyst stated that the 61.8% Fibonacci retracement level uphill movement to $50,506 high from the $48,098 low acts as a support.
He added that if there is a downward break under the 100 hourly simple moving average, Bitcoin price could continue to fall.
Its on-the-spot support is near the $48,500 level and its next key support is just about the $48,250 level.
In addition, if Bitcoin proceeded to crash, it could slide towards the $47,300 support zone in the near run.
However, BTC can begin a new increase if it moves above the support area of $48,250. On the uphill zone, its immediate resistance is next to the $49,500 level.
Crypto Prices Crashed as Bitcoin Fell
Meanwhile, cryptocurrency prices crashed as Bitcoin retreated to the $49,000 level after rising above $50,000.
Ether dropped 0.29% or 8.40 points to $3,336.56 with a market cap of $390.87 billion. It has a 24-hour volume of $22.52 billion.
Then, Bitcoin cash slipped 1.46% or 10.01 points to $678.36. It has a market capitalization of $12.77 billion and a 24-hour volume of $4.74 billion.
The same with Litecoin which tumbled 0.87% or 1.66 points to $188.23. It has a market cap of $12.87 billion and a 24-hour volume of $1.94 billion.
Consequently, Polkadot flopped 0.72% or 0.20 points to $27.65 with a market cap of $30.05 billion. It has a 24-hour volume of $1.16 billion.
Furthermore, Dogecoin decreased 2.89% or 0.01 points. It has a market cap of $41.09 billion and a 24-hour volume of $2.10 billion.