The BTC/USD failed to stop its early-day bearish bias and dropped from the $49,000 resistance level to below $46,500. The BTC was unable to settle above $48,500 and corrected lower against the US dollar. The Bitcoin prices faced many hurdles between $47,500 and $48,000, attempting to cross the $49,000 resistance zone.

However, BTC was unable to gain strength, and it failed to rise above the $48,200 level. BTC hit a high near $48,335 before the price started a fresh decline. There was a heavy drop below the $48,500 support level and the 100 hourly simple moving average, with Bitcoin even breaking the $47,500 and $47,000 zone, before testing the $46,500 support. It formed a low near $46,371.5, and the leading crypto could face further losses if it fails to climb above the $48,500 resistance level.

On the downside, immediate support can be found near the $46,800 level. The first key support is near $46,500. If there is a downside break below the $46,500 support area, the price could continue to trade lower. The next major support is around the $46,200 level. The persistent declines could open the doors for a move towards the $45,000 support zone. The prevalent selling bias surrounding the Bitcoin prices could be short-lived as the weakness of the US dollar underpins the BTC/USD pair. On the USD front, the broad-based greenback failed to extend its bullish overnight moves, turning sour on Friday, as investors awaited the highly-anticipated speech by Federal Reserve Chair, Jerome Powell, which he delivered on Friday.

On the other hand, Morgan Stanley has bought $240 Million in Grayscale Bitcoin Shares, making the investment bank the second-largest holder of Grayscale Bitcoin Trust (GBTC). According to SEC filings, Morgan Stanley purchased upwards of 6.5 million Grayscale Bitcoin Trust shares across more than a dozen funds. With each share trading at $37.82, that adds up to nearly $240 million in GBTC. But, for now, at least, this positive development has failed to have any notable impact on the BTC prices.

Ethereum is now trading well below $3,200 on the 100 hourly simple moving average. With the immediate support on the downside close to $3,080, ETH could face further losses if it fails to continue higher, above the $3,120 and $3,150 resistance levels.

The next significant support is now forming near the $3,060 zone. A downside break below the $3,060 support zone could accelerate losses. While the primary support sits near the $3,000 level, below which the bulls could struggle in the coming days. The next key support sits near the $2,880 and $2,850 levels.

However, the losses were short-lived, as the weakness of the broad-based US dollar kept a lid on further declines in the ETH/USD coin pair. The US dollar remained down in Asia on Friday morning, as investors digested hawkish comments by some US Federal Reserve officials, ahead of Chairman Jerome Powell’s speech at the Jackson Hole symposium, which followed later in the day. Hence, the declines in the US dollar were understood as one of the critical factors that helped to limit further losses in the ETH/USD pair.

The SHIB/USD coin pair failed to put a stop to its declining streak of early in the day, taking some further offers well below the 0.00000700 level. The SHIBA INU is trading near $0.00000705, with a 24-hour trading volume of $274,375,080. SHIBA INU has dropped by 1.36% in the past twenty-four hours.

The selling bias surrounding the SHIBA INU prices could be associated with the latest slow-down in the crypto market. This was witnessed after the world’s leading cryptocurrency, Bitcoin, lost its positive ground, dropping from the $49,000 resistance level to below $46,500.

On the other hand, the weakness of the broad-based US dollar could help limit deeper losses in the SHIB/USD pair. The greenback failed to extend its positive performance of the previous day, turning sour on Friday. However, this could be due to the risk-on market sentiment, which tends to weaken the safe-haven US dollar. Meanwhile, the cautious sentiment ahead of the US Federal Reserve’s Jackson Hole symposium, which began on Friday, also played a significant role in undermining the dollar. Therefore, the losses in the American currency were seen as one of the key factors that kept the SHIB prices supported.

Despite being the most popular meme coin, Dogecoin failed to gain any positive traction on the day, which could be attributed to the bearish BTC prices. The BTC was unable to settle above $48,500 and corrected lower against the greenback. BTC is now facing many barriers between $47,500 and $48,000. The BTC attempted to exceed the $49,000 resistance zone, but it failed to gain strength above this level. A high formed near $48,335, before the price started a fresh decline. Generally, the bearish bias in the Bitcoin prices has negatively impacted other cryptocurrencies, including Dogecoin. Good luck!