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August 26, 2021 @ 10:15 +03:00
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD losing around 2% overnight Wednesday. A rejection after an attempt to reclaim $51,000 — the top of a key long-term resistance zone — saw Bitcoin pause for thought, beginning what analysts had already said would be a well-earned correction.
For Cointelegraph contributor Michaël van de Poppe, $44,000 could be a useful floor should the downside continue. “At this stage, $51,000 is a critical resistance zone; the area to watch for potential support can be found around $42,500–$44,000,” he summarized.
“That is the level that we could be looking at for a rangebound construction, for some sideways action. We could still see $40,600 — previous resistance.”
Altcoins continued their descent in line with Bitcoin on the day, in classic fashion often posting deeper losses. Ether (ETH) lost over 6% to near $3,000 support, while the top 10 cryptocurrencies’ biggest loser was Solana (SOL), which shed close to 14%. Cardano (ADA), despite trading 8% lower at $2.65, still preserved weekly gains of 34%.
Bitcoin loses $48K as analysts eye next zones for a potential BTC price bounce, Cointelegraph, Aug 26