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Bitcoin falls below $ 47,000: traders become insecure

Bitcoin (BTC) tried again Thursday to break the resistance at $ 50,000. However, he did not make it again.

BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin optimism is waning

Data from Cointelegraph Markets Pro and TradingView shows that the BTC / USD pair has fallen to a low of $ 46,540 on Bitstamp. Just hours earlier, the pair climbed to over $ 49,300.

This continues the range and confirms the well-known resistance at $ 51,000.

Despite the brief pause at around $ 46,000, there weren’t many long positions in Bitcoin over the day. Popular trader Crypto Ed believes there could be another recovery rally before it goes any further down.

Others were more optimistic, including the on-chain analysis website CryptoQuant.

In one of the many updates over the course of the day, an analyst predicted that a Bitcoin decline below $ 47,000 would be a “fake decline” and would culminate in finally exceeding the $ 50,000 mark.

Buyer support for the BTC / USD pair was low on Thursday. On the big Binance exchange, you only see great interest again at around 41,000 US dollars.

BTC / USD long and short positions on Binance as of August 26th. Source: Material Indicators / Twitter

Ether tests $ 3,000 again

The situation is similar for most of the large altcoins.

In this context: $ 820 million in options expire: Ethereum traders expect volatility

Of the top 10 cryptocurrencies by market capitalization, they haven’t seen any significant gains in the past 24 hours.

Ether (ETH) was just able to hold support at $ 3,000. Cardano (ADA) lost another portion of its weekly gains, but is still 20 percent up over the week.

ETH / USD 1-hour candle chart (Bitstamp). Source: TradingView

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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