On August 20, 2024, during the Asian trading hours, the overall cryptocurrency market was experiencing impressive upside momentum. However, following the opening of the US stock market, the market began experiencing selling pressure as the S&P 500 and Dow Jones fell significantly.
Potential Reason for Market Fall
Apart from the S&P 500 and Dow Jones, another potential reason behind the cryptocurrency market’s decline is the recent all-time high in Gold price. In this recent market downturn, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have fallen significantly.
Before the opening of the US market and before Gold made its all-time high BTC, ETH, and SOL were trading above $61,350, $2,690, and $148.29, respectively, according to Coinmarketcap. However, later these values dropped to $58,600, $2,560, and $142 level.
This significant price drop once again hints that the crypto market is still in a downtrend.
Bitcoin (BTC) Technical Analysis and Upcoming Levels
According to expert technical analysis, BTC, ETH, and SOL look bearish as they are all trading below the 200 Exponential Moving Average (EMA) in a higher time frame. Based on the price action and technical analysis, if BTC gives breakdowns to the current consolidation zone there is a high possibility it could fall to the $54,000 level.
Ethereum (ETH) Technical Analysis and Upcoming Levels
The ETH chart looks extremely bearish due to the presence of rising wedge patterns and head-and-shoulder price action patterns. If ETH falls below the $2,500 level, there is a high possibility it could sink to the $2,300 level and $2,200 level in the coming days.
Solana (SOL) Technical Analysis and Upcoming Levels
However, on the daily time frame, Solana (SOL) is at a crucial support level of $140 and is also receiving support from the 200 Exponential Moving Average (EMA). If SOL falls below the 200 EMA, there is a high possibility it could fall to the $130 level in the coming days.
Additionally, the open interest for BTC, ETH, and SOL has remained stable, indicating that investors’ and traders’ interest remains consistent.
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