After recording a price spike to the level of more than $ 50,000, the BTC price started to show a day -by -day decline. On this day alone, the BTC price has recorded a fall below $ 47,000 and most other cryptocurrencies are also following a similar downward trend.
Within 3 days the price of Bitcoin had lost as much as $ 3,000. On August 23, the BTC price broke above the $ 50,000 level for the first time since the big price drop in mid -May. The BTC price has hit as high as $ 50,550 on the Bitstam crypto exchange. However, BTC failed to maintain the $ 50,000 price level as desired by the market.
Subsequently, a price correction began to occur until BTC lost $ 2,000 and then jumped back to the $ 49,000 level before declining to the price level below $ 47,000.
At the same time, it should be noted that despite the recovery in crypto but BTC is still struggling to reach the price level of $ 47,000 with the market capitalization of BTC having lost as much as $ 900 billion.
A large number of crypto assets have suffered a similar fate over the last few days. Ethereum which hit its highest level in several months at the $ 3,360 price level on Monday has lost more than $ 200.
The total cumulative market value of all crypto assets has dropped by $ 160 billion in the last two days making a total market value of $ 2.01 trillion.
Market players are now focusing on the $ 46,500 price level which is the BTC support level. If the support level cannot be sustained then there is a possibility that the BTC price will fall to $ 44,000.
