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<p>The post <a href="https://coinpedia.org/news/heres-why-the-crypto-market-is-falling-3/" rel="noopener noreferrer nofollow">Here’s Why the Crypto Market is Falling</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>On August 20, 2024, during the Asian trading hours, the overall cryptocurrency market was experiencing impressive upside momentum. However, following the opening of the US stock market, the market began experiencing selling pressure as the S&amp;P 500 and Dow Jones fell significantly.&nbsp;</p>
<h2 class="wp-block-heading" id="h-potential-reason-for-market-fall"><strong>Potential Reason for Market Fall</strong></h2>
<p>Apart from the S&amp;P 500 and Dow Jones, another potential reason behind the cryptocurrency market’s decline is the recent all-time high in Gold price. In this recent market downturn, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have fallen significantly.</p>
<p>Before the opening of the US market and before Gold made its all-time high BTC, ETH, and SOL were trading above $61,350, $2,690, and $148.29, respectively, according to <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">Coinmarketcap</a>. However, later these values dropped to $58,600, $2,560, and $142 level.&nbsp;</p>
<p>This significant price drop once again hints that the crypto market is still in a downtrend.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-btc-technical-analysis-and-upcoming-levels"><strong>Bitcoin (BTC) Technical Analysis and Upcoming Levels</strong></h2>
<p>According to expert technical analysis, BTC, ETH, and SOL look bearish as they are all trading below the 200 Exponential Moving Average (EMA) in a higher time frame. Based on the price action and technical analysis, if BTC gives breakdowns to the current consolidation zone there is a high possibility it could fall to the $54,000 level.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="551" src="https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09-1024x551.png" alt="" class="wp-image-340715" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09-1024x551.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09-300x161.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09-768x413.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09-150x81.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224216/BTCUSDT_2024-08-20_22-40-09.png 1486w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-ethereum-eth-technical-analysis-and-upcoming-levels"><strong>Ethereum (ETH) Technical Analysis and Upcoming Levels</strong></h2>
<p>The ETH chart looks extremely bearish due to the presence of rising wedge patterns and head-and-shoulder price action patterns. If ETH falls below the $2,500 level, there is a high possibility it could sink to the $2,300 level and $2,200 level in the coming days.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53-1024x449.png" alt="" class="wp-image-340716" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224257/ETHUSDT_2024-08-20_22-39-53.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="h-solana-sol-technical-analysis-and-upcoming-levels"><strong>Solana (SOL) Technical Analysis and Upcoming Levels</strong></h2>
<p>However, on the daily time frame, <a href="https://coinpedia.org/price-analysis/solana-whale-dumps-2-9-mln-of-sol-eyes-on-130-level/" rel="noopener noreferrer nofollow">Solana (SOL)</a> is at a crucial support level of $140 and is also receiving support from the 200 Exponential Moving Average (EMA). If SOL falls below the 200 EMA, there is a high possibility it could fall to the $130 level in the coming days.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24-1024x449.png" alt="" class="wp-image-340717" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/20224345/SOLUSDT_2024-08-20_22-39-24.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<p>Additionally, the open interest for BTC, ETH, and SOL has remained stable, indicating that investors’ and traders’ interest remains consistent.</p>

Here’s Why the Crypto Market is Falling

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