Bitcoin Price Today Falls Near $47,000; Ether, Dogecoin Drop. Top Cryptocurrency Rates

Bitcoin Price slumped 2.81 per cent day-to-day to $47,373.83 at 0808 hours IST, according to coinmarketcap.com. Earlier this week, the cryptocurrency surged to $50,000. In April, the world biggest currency Bitcoin surged and hit an all-time high at $65,000. Bitcoin witnessed a sharp fall from $65,000 in April to $28,800 in June, after a massive sell-off in June and July, triggered by Chinese ban on the corporates, financial companies, payment companies, providing services related to cryptocurrency.

“Bitcoin has broken out of the rectangle pattern after 12 weeks of consolidation. It now trades around the 1st level support on the trendline. Day close below the trendline($46,640) may put sell pressure on Bitcoin and it may test the 2nd level support around $41,000-$42,000. Corporates like Microstrategy still find Bitcoin attractive at this level, they bought around $177 million worth of Bitcoin at $45,294 per coin.Key Levels for Bitcoin -Resistance – $53,000, Support – $41,000,”Siddharth Menon, COO WazirX said.

On the other hand, Ether, the rival currency of Bitcoin was trading at $3,124 or down 2.81 per cent at the time of this article. It was trading down 3.46 per cent over the last week. The market cap for Ether stood at $366.28.72 billion.

According to ZebPay’s trade desk, Ethereum faces a stiff resistance at $3,335, which it hasn’t been able to beat, which means that bears are defending aggressively. Signs of weakness might emerge, if the asset turns close to $3,000. Another important event to watch out for is the ETH options expiry due tomorrow, which might impact the spot prices too.

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