August 27 cryptocurrency prices: Dogecoin, Chainlink, and Bitcoin all decline by 4%, with Bitcoin falling below $63,000.

Tuesday saw a significant drop in major cryptocurrencies due to profit-taking, which affected Solana, Ethereum (ETH), and Bitcoin (BTC). Over the previous day, the value of the worldwide cryptocurrency market dropped by 1.8% to hover at $2.2 trillion.

At 12:45 p.m. Indian Standard Time, Bitcoin had decreased 1.4% to $62,862, while Ethereum had dropped 2% to $2,686.

“Bitcoin stabilized at $62,000 following some investors’ profit booking,” Mudrex CEO Edul Patel stated. At the moment, $61,400 is Bitcoin’s support level and $63,400 is its resistance level. Ethereum, on the other hand, is currently trading at about $2,600 and has not developed enough momentum to make big moves, indicating that it might be moving sideways for a few more days,” he continued.

“Bitcoin has gone below its $63,500 support level and has to hold its 200-day EMA at $62,269 to avoid additional drops,” said Giottus Crypto Platform CEO BuyVikram Subburaj.

A number of other well-known cryptocurrencies also experienced drops: Dogecoin (-2.7%), Tron (-2.2%), BNB (-1.8%), Solana (-0.9%), XRP (-0.9%), Chainlink (-3.9%), Polkadot (-2.6%), and Toncoin (-4.11%).

According to CoinMarketCap, the total amount of stablecoins is currently $61.7 billion, or 92.98% of the 24-hour volume of the whole cryptocurrency market.

The world’s largest cryptocurrency, Bitcoin, saw its market capitalization decline to $1.242 trillion during the course of the last day, according to CoinMarketCap, putting its dominance at 56.26%. The 24-hour trading volume of Bitcoin reached $28.15 billion, a 43.6% rise.

“Both the 200-day EMA and the Fibonacci retracement levels have been broken by Bitcoin. If the price stays over $62,280 and rises to $65,596—a potential rally above $70,079—it might happen. On the other hand, a decline below $58,783 might put the present bullish trend in jeopardy, according to Unocoin CEO and co-founder Sathvik Vishwanath.

“Bitcoin has slipped below $63,000 after earlier peaking above $65,000,” the CoinDCX Research Team reported. Although the immediate future seems bleak, Bitcoin and the market as a whole continue to trend positively over the long run.”