Bitcoin (BTC) Stabilizes Near $47K as Solana (SOL) Outperforms

Bitcoin (BTC) Stabilizes Near $47K as Solana (SOL) Outperforms

Bitcoin, the world’s dominant digital coin, has seen its price steadying near $47K today, Friday. That follows the Thursday’s pressure that had the crypto dipping towards its lowest mark since 19 August.

The previous day’s actions had the overall crypto market cap hovering over $2 trillion following the slight overnight losses. Most top crypto assets traded in red as the market outlook appeared ugly. Meanwhile, the tenth crypto by market cap, SOL, has outperformed.

Solana extends its lucrative movements today, surging more than 8% since yesterday. Solana’s recent outperformance had no distinct fundamental reasons. However, Pyth Network launched on the Solana platform yesterday, boosting the asset rises.

With the Solana (SOL) mainnet, developers can incorporate real-time market stats by the Pyth Network to DeFi applications. Project contributors include Chicago Trading Company and Virtu Financial.

BTC Tech View

For now, BTC trades over the $47,000 mark. Meanwhile, the token has secured support in the $46,800 to $47,000 range. The $46,800 price level represents the 50% Fibonacci of the April ATH to the July lows. If the coming sessions see BTC dropping beneath this level, it might have a clear path towards the 200-d MA near $46,000.

Meanwhile, Bitcoin might see massive corrections if it moves beneath the $46,000 mark. That way, the next stop for the flagship crypto lies at $44,000. That is according to the analysis by Craig Erlam, an OANDA market expert. Erlam believes that BTC can plunge to explore the $40K to $41K price levels, a move that might showcase after some developments.

If BTC gains enough momentum to maintain upward price moves, it will head towards the resistance at $48,000. Keep in mind that the asset attained the $48K high from 12 August to 16 August. If the correct catalyst supports the actions, BTC will rally towards the psychological point near $50K.

That way, Bitcoin might face resistance at $51,000 and 61.8% Fibonacci from April surges to July plummets. This price level serves as the coin’s resistance during the previous swing highs that had Bitcoin hitting a cycle top on 23 August.

What are your thoughts on the updates? Will Bitcoin and Solana maintain their prevailing outlook? You can comment below.

Author: Gregoire Blanchard

Leave a Reply

Your email address will not be published.