The crypto market capitalization has just dived below the $1 trillion mark. We’re not surprised, given the recent negative turn of events.As of August 29, the total figure stands at $950 billion after losing $50 billion in 24 hours.
Is there any hope for Bitcoin?
Bitcoin price found support near the $19,525 zone and started aminor upside correction. BTC was able to clear the $19,700 and $19,800 levels to start the current recovery wave.
There was a clear move above the $20,000 resistance zone. Besides, there was a break above a key bearish trend line with resistance near $20,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $21,875 swing high to $19,525 low.
However, the price is now facing a major resistance near the $20,400 zone and the100 hourly simple moving average. The bulls made a couple of attempts to clear the 100 hourly simple moving average but failed.
Bitcoin price is now trading below the $20,500 level and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $20,350 level and the 100 hourly SMA. The next major resistance sits near the $20,700 level.
Source: BTCUSD on TradingView.com
Hourly MACD – The MACD is now gaining pace in the bearish zone
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level
Major Support Levels – $19,850, followed by $19,500
Major Resistance Levels – $20,400, $20,700 and $21,000
What is happening with altcoins?
One notable thing about the crypto market is that the Bitcoin movement affects altcoins. When BTC goes bullish, almost every altcoin does the same, and vice versa. Now that Bitcoin has lost some percentage of its price, other cryptos have joined the same train.
The cumulative effect of these price losses led to a dip in the overall market cap. ADA lost 3.7% and then gained 4%, while Ethereum has now gained 3%. Other altcoins, such as BNB, are down by 1%, while XRP and AVAX also fell on the chart. But some cryptocurrencies are seemingly doing well, although not much.
The crypto market has entered into the “Extreme Fear” state. The August 26 Federal Reserve annual meeting set things off negatively. Fed Chair Jerome Powel decided to take the hawkish approach to fight inflation instead of being dovish.
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