Bitcoin Bulls Fight for Market Control as Selling Pressure Pile
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Bitcoin (BTC) bulls have had a hard time holding their position in the market for the past few days. The benchmark cryptocurrency now struggled to remain afloat above the $44k level, as most of the crypto market erased some of last week’s gains.
Last Saturday, the primary cryptocurrency peaked at the $48,180 level but failed to build on that goodish rally and, instead, began on a fresh descent lower. Shortly after, BTC plunged below $46k before recording extra declines to $45k yesterday.
Bulls attempted pushing the price back above $46k but lacked the fortitude to build on the upswing, which sent Bitcoin below the $44k line a few hours ago. Nonetheless, the cryptocurrency has managed to climb back near the $45k line as its market capitalization slips below $850 billion. Meanwhile, its market dominance has dropped below 43%, indicating that BTC is having a difficult time with the current bearish pressure than altcoins.
Nonetheless, Ethereum and other large-cap altcoins are also faring poorly with the current market conditions, with ETH and Solana (SOL) trading down by -1.3% and -2.3%, respectively. Cardano (ADA), Binance Coin, Ripple (XRP), Dogecoin (DOGE), and Polkadot (DOT) traded positively with +5%, +1.2%, +1.8%, +1.4%, and +0.5%, respectively.
Key Bitcoin Levels to Watch — August 19
Bitcoin has now fallen below the crucial 200 SMA Level on our daily chart as bearish pressure grows. That said, bulls’ failure to defend the $44k line could trigger extra declines below the $43k level over the coming days.
On the flip side, a healthy defense of the $44k line over the coming hours should help BTC regain footing above the $45k and 200 SMA levels and push the price closer to recent highs.
Meanwhile, our resistance levels are at $45,000, $46,000, and $47,000, and our key support levels are at $44,000, $43,000, and $42,000.
Total Market Capitalization: $1.97 trillion
Bitcoin Market Capitalization: $835.6 billion
Bitcoin Dominance: 42.3%
Market Rank: #1
