Bitcoin Struggles Below USD 48K, SOL Extends Rally

31 August 2021

in DOT

Reading Time: 3 mins read

Bitcoin price failed to continue higher above USD 49,000 and started a fresh decline. BTC broke the USD 48,000 support level and it even traded below USD 47,000. The current (04:39 UTC) price action is somewhat negative, with a major support near USD 46,200.

Similarly, most major altcoins are facing many hurdles. ETH is trading well above USD 3,120, but it is facing resistance near USD 3,250. XRP might recover if it clears the USD 1.15 resistance. ADA seems to be consolidating gains below USD 3.00.

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Total market capitalization

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Source: www.tradingview.com

Bitcoin price

After facing rejection near USD 49,000, bitcoin price moved lower. BTC traded below the USD 48,000 and USD 47,500 support levels. The price even traded below USD 47,000, but it stayed above USD 46,500. The next key support is near the USD 46,200 level. Any more losses could clear the path for a move towards the USD 45,000 level.
On the upside, an immediate resistance is near the USD 47,800 level. The first major resistance is near the USD 48,500 level, above which the bulls might make another attempt to clear USD 49,200.

Ethereum price

Ethereum price is facing a major hurdle near the USD 3,250 level. If there is a close above this level, ETH could rise steadily towards USD 3,350. Any more upsides might open the doors for a move towards the USD 3,500 level.
On the downside, the price is finding bids near USD 3,150. The next major support is USD 3,120, below which the price might revisit the USD 3,050 support.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 2.80 pivot level. It seems like the bulls are facing a strong selling interest near USD 2.88. The main breakout resistance is still near the USD 2.95 and USD 3.00. If there is a fresh decline, the USD 2.65 level might provide support.
Litecoin (LTC) is moving lower towards the USD 165 support level. If the bears remain in action, the price could decline towards the USD 155 support zone. Conversely, the price might break USD 172 and revisit the USD 175 resistance in the short-term.
Dogecoin (DOGE) made an attempt to gain strength above USD 0.280, but it failed. It is now moving lower and trading below USD 0.275. An immediate support is near USD 0.270, below which it could test USD 0.262. The main uptrend support sits near the USD 0.250 level.
XRP price is now trading below the USD 1.20 barrier. An immediate resistance is near USD 1.15, above which the price might test USD 1.20. If not, there is a risk of a downside break below the USD 1.10 support zone. The next key support is near USD 1.05, followed by USD 1.00.

Other altcoins market today

Many altcoins are up over 5%, including CELO, AR, ONE, FTM, PERP, ATOM, SOL, EGLD, KSM, DOT, DGB, and WAVES. Out of these, CELO rallied over 50% and is now trading below the USD 6.20 level.

Overall, bitcoin price is trading well below the USD 49,000 and USD 50,000 resistance levels. If BTC extends its decline below USD 46,200, there could be an increase in selling pressure in the coming sessions.
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