On Monday, August 9, Bitcoin declined 3.52% to $43,542.67 from yesterday’s $45,119.95 touch pulling the price of cryptocurrencies down.
Over the past 24 hours, the price of Bitcoin climbed 4.4% and 8.4% over the previous week.
At the moment, BTC has a market cap of $817.74 billion with a 24-hour volume of $38.42 billion.
Last August 6, Bitcoin broke above the resistance range of $42,451.67, which shows that bulls are trying to begin a new uptrend.
An analyst said that buyers are likely to face strong resistance at the 200-day simple moving average of $44,879.
Additionally, if Bitcoin’s price dropped from its 200-day SMA but stayed above $42,451.67, the sentiment will alter from sell to buy on dips.
Therefore, this will increase the probability of a 200-day simple moving average breakout.
If that happens, the BTC/USDT pair could reach the $50,000 to $51,483 resistance level.
The 20-day EMA uptrend of $39,230 and relative strength index near the overbought zone shows that bulls are in control.
However, this positive outlook will be reversed if the bears pulled the price below the 20-day EMA. An analyst said that this will make the price fluctuate to $36,670.
Based on analysts’ data, the bears are trying to push the price of Bitcoin under the $42,451.67 breakout level.
Nonetheless, the increasing 20-EMA and positive relative strength index suggest that the bulls are in command.
Moreover, if the price will bounce off the 20-EMA, the BTC/USDT pair will proceed the uptrend to $50,000.
Alternatively, a break and a close under $42,451.67 will be the first hint that buyers are losing their grip. This could open the probability of Bitcoin’s fall to $40,000.
Crypto Prices Down as Bitcoin Fell
Furthermore, Ether crashed 6.42% or 201.96 points to $2,945.18. It has a market cap of $344.62 billion with a 24-hour volume of $32.98 billion.
The same with Cardano which plunged 3.39% or 0.05 points to $1.43. It has a market cap of $46.07 billion with a 27-hour volume of $2.14 billion.
Also, Litecoin subsided 3.47% or 5.38 points to $149.84. It has a market cap of $149.84 with a 24-hour volume of $2.02 billion.
Consequently, Chain Link flopped 6.89% or 1.69 points to $22.84. It has a market cap of $22.84 billion with a 24-hour volume of $916.45 million.
Lastly, Doge tumbled 8.38% or 0.02 points to $0.24 with a market cap of $31.90 billion and a 24-hour volume of $4.01 billion.