Bitcoin (BTC) retreats and drops market; AAVE, DOGE and SHIB take the worst

Bitcoin continues to fall on the morning of Wednesday (18) after losing strength in an attempt to overcome an important resistance in the zone close to US$ 48,000.

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The BTC lost $48,000 after a rally catalyzed by individual investors on Monday, and has been falling ever since. Despite some breath yesterday (17) and trading close to US$ 47,000, the price dropped once again and reached US$ 44,534, according to data from Coingecko.

At the end of the article, Bitcoin is quoted at US$ 45,470, a drop of 2.8% in the last 24 hours and a slight loss of 0.3% in the week. In the month, the cryptocurrency continues with an accumulated high of more than 40%.

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Altcoin movement

The market is mostly in the red and brings several cryptocurrencies with double-digit losses this morning. The one with the biggest drop at the moment is Audius (AUDIO), with a 14% drop to $2.85, after an impressive 100% surge the day before after closing a deal with Tiktkok.

Next, there are a number of cryptocurrencies with a drop of 11%, including Aave (AAVE), Theta Network (THETA), Shiba Inu (SHIB), THORChain (RUNE) and Dogecoin (DOGE). On the other hand, AUDIO, RUNE and DOGE still accumulate strong weekly highs.

Among the best of the day are XDC Network (XDC) Quant (QNT), which rose about 12% to US$0.146397 and US$177.18, respectively. In addition, Axie Infinity (AXS) recovers 9.2% and goes back to trading at just under US$75.

what to expect now

According to cryptocurrency analyst Jakub Dziadkowiec, the drop to below $45,000 yesterday left a longer fuse higher, which would be indicative of strong selling pressure.

The price also fell below the important 200-day moving average (blue line), above which it traded for the entire previous week. Bitcoin has been below that line throughout the two-and-a-half month downtrend since the May 19 crash.

The analyst points out a small recovery this Wednesday (18), with difficulty to recover the level of US$ 45,000 with confidence. This area coincides precisely with the 200-day moving average, which can now act as a resistance.

If the decline continues, the expert points out that the closest support area is at the $42,600 level. Next, support would be at $37,300.

For now, technical indicators are quite pessimistic. Furthermore, the price missed the bullish support line on the four-hour chart after testing this support level four times (orange circles).

For Dziadkowiec, if the BTC fails to recover the bullish support line, which passes between $45,000 and $46,500, it is likely to fall and seek support area at $42,600.

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