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The bearish market bias in the cryptocurrency market continues into the second day as Bitcoin (BTC) falls below the $47k line. As expected, most altcoins have posted heavy losses, causing the crypto market valuation to shed over $100 billion in a day.
Just two days ago, the benchmark cryptocurrency traded at multi-month highs after peaking at $50,500 for the first time since mid-may.
However, it lacked the bullish fortitude to continue on its journey upwards and headed south. The bearish momentum accelerated below $49,500.
The primary cryptocurrency initially recorded a $1,000 bounce within a few hours, but this attempt got trampled upon by bears, who have now sent prices to a $46,555 intraday low.
The recent increased volatility in the past 24 hours caused significant disruption for leveraged traders. According to Bybt, over $450 million in leveraged long positions got liquidated. The highest single liquidation occurred on Bybit, with leveraged BTC traders losing close to $5 million.
The altcoin space is also in a grim state this morning with Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Polkadot (DOT), and Solana (SOL) all down with -2.4%, -6.2%. -1.5%, -4.3%, -6.5%, -4%, and -3.9%, respectively.
Key Bitcoin Levels to Watch — August 26
Bitcoin has fallen into a depressed momentum following its recent dip and risks falling to the $45k region if bulls remain suppressed. The price currently holds around the $47k level as bulls struggle to regain traction.
Failure to climb back above the $48k level, which coincides with our 4-hour 50 SMA level, in the coming hours could trigger a bearish continuation for the flagship cryptocurrency. That said, traders would likely stay on the side and monitor the near-term price action before placing any aggressive bets.
Meanwhile, our resistance levels are at $48,300, $49,500, and $50,000, and our key support levels are at $46,000, $45,000, and $44,000.
Total Market Capitalization: $2.01 trillion
Bitcoin Market Capitalization: $884.6 billion
Bitcoin Dominance: 44%
Market Rank: #1
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