A tight range usually resolves with a range breakout, and that is what happened in Bitcoin on Aug. 17. Bitcoin (BTC) fell sharply, resulting in $1 billion in liquidations for derivatives traders, the biggest amount since the FTX collapse in 2022.

It is difficult to pinpoint any specific reason for the sell-off, but analysts believe that the confusion arising from the alleged write-down of SpaceX’s $373 million i Bitcoin holdings may have been one of the potential triggers.

Whatever the reason, the decline has started. The next major question troubling investors is how low could Bitcoin fall. Several analysts have turned bearish and expect Bitcoin to continue its downtrend in the near term.

Will Bitcoin continue to drop, dragging the rest of the cryptocurrency market with it? What are the important support levels to keep an eye on? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin’s narrow range resolved to the downside on Aug. 17, triggering a long liquidation, which pulled the price to $25,166.

The bulls are expected to defend the $24,800 level with vigor. The oversold level on the relative strength index (RSI) suggests that t

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Author: Rakesh Upadhyay

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