On Friday, August 27, the price of Bitcoin rebounded higher to $47K after it slipped earlier in the day leading to the fluctuation of other cryptocurrencies.
Later this day, due to its extreme volatility, Bitcoin hopped 0.73% to $47,303.43 with a market capitalization of $889.22 billion.
It has a 24-hour volume of $993.90 million with a low of $46,324 and a high of $47,646.87.
An analyst stated that Bitcoin attempted to exceed the $49,000 resistance belt but it failed to gain its strength over the $49,200 level.
Nonetheless, it created a high close to $49,335 prior to its new price decline.
Based on data, Bitcoin sharply collapsed under the $48,500 support level and the 100 hourly simple moving average.
Its price even crushed the $47,500 and $47,000 levels as it tested the $46,500 support and established just about $46,493.
Currently, the world’s largest cryptocurrency is integrating its losses over the level of $46,500.
Additionally, Bitcoin redeemed on top of the $23.60$ Fibonacci retracement level of the previous fall to $46,493 low to $49,335 high. Now, it faces near the $47,500 resistance level.
Then, its first vital resistance is next to the $48,000 level. It is near the 50% Fibonacci retracement level of the recent decrease to $46,493 low from $49,335 high.
Also, there is an attached bearish trend zone initiating with the resistance of just about $48,550 according to the BTC/USD pair hourly chart.
Another analyst said that the price of Bitcoin must free the resistance of $48,500 and the 100 hourly simple moving average.
Crypto Price Dropped as Bitcoin Slid Earlier
Furthermore, most cryptocurrency prices dropped and some haven’t recovered yet as Bitcoin fell earlier in the day.
However, Ether already bounced back higher as Bitcoin did. It progressed 0.85% to $3,114.01 with a market cap of $364.85 billion.
Also, it has a 24-hour volume of $572.96 million with a $3,056.57 low and a $3,148.00 high.
The same with Cardano which jumped 1.03% to $2.61 with a market cap of $84.35 billion and a 24-hour volume of $5.19 billion.
Meanwhile, Bitcoin is still at the bottom sliding $1.06% to $607.05 with a market cap of $11.43 billion.
It has a 24-hour volume of $4.77 billion with a low of $597.38 and a high of $621.45.
Likewise, Dogecoin also decreased 0.33% to $0.27 with a market cap of $35.76 billion and a 24-hour volume of $1.91 billion.