The previous week was quite eventful for the primary cryptocurrency as it suffered a significant drop of over $3,000 within hours, resulting in its lowest price in over two months at just over $25,000. However, there were recovery attempts, and BTC managed to regain around $1,000.
On Thursday (24/08), the price of BTC experienced a significant increase, reaching $26,800. However, just as the bulls were gearing up to take on the $27,000 price point, the landscape shifted and the cryptocurrency lost its momentum, dropping back down to the familiar level of $26,000.
Mastercard has announced that it will no longer provide Binance-branded cards in Latin America and the Middle East. Instead, customers will be able to use their cryptocurrency to buy goods. Visa has also taken steps to distance itself from Binance by ending a similar card partnership with the company in Europe. According to a company spokesperson, Visa stopped issuing new co-branded cards with Binance as of July 2023.
Bitcoin is currently in a consolidation phase around the 26k level. The market is witnessing a significant development as the EMA20 (Exponential Moving Average 20) is crossing below the EMA200 (Exponential Moving Average 200), indicating a potential shift in longer-term sentiment towards a bearish trend. This convergence of moving averages suggests increased selling pressure and a potential downward movement.
Notable support levels for Bitcoin are observed at $25,000 and $21,000. Traders and investors are advised to closely monitor these support levels, as the market sentiment leans towards caution due to the evolving technical indicators.
Ethereum (ETH) is presently experiencing consolidation around the $1,650 range. Notably, the market is on alert for a potential effect from a bearish breakout in Bitcoin (BTC), which is yet to occur at the $25,000 support. If this BTC breakdown transpires in the near future, it could trigger a similar bearish spiral for Ethereum, potentially causing a breach of the current $1,650 consolidation point.
The prevailing sentiment for ETH remains bearish, raising the possibility of a descent towards the $1,500 support level in the event that the $1,650 barrier is breached. Observing BTC's trajectory is crucial as it signals potential market trends.
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