Bitcoin price rally fizzled out slightly above $42,000 amid concerns of crypto tax in the US.
Dogecoin price risks another dive to $0.16 following the ongoing consolidation.
Cryptocurrencies are grappling with increased overhead pressure, making it difficult for bulls to sustain the winning streak recorded in the past couple of weeks. Initially, Bitcoin pulled the entire market upward as it made haste from levels below $30,000 to highs above $40,000. However, the flagship cryptocurrency’s correction from $42,000 seems to have triggered losses across the board.
Bitcoin:-
The bellwether cryptocurrency is teetering at $38,750 after correcting from weekend highs of $42,500. As selling orders surged, chances of holding above $40,000 narrowed. Besides, the 200 Simple Moving Average (SMA) currently contributes to the overhead pressure.
Meanwhile, the primary goal is to secure higher support, preferably above $38,000. Here, bulls will plan the next attack mission back above $40,000.
Howeve
Źródło: https://coingape.com/bitcoin-dogecoin-price-analysis-august-3-2021/
