Bitcoin News Today: Dogwifhat Falls 6% as Traders Watch $0.87 Support to Avoid $0.57 Drop

Dogwifhat (WIF) is under intense scrutiny as traders and analysts closely watch the $0.87 level to determine whether the bullish trend can hold or if a sharp decline toward $0.57 is imminent. The price has already fallen over 6% in recent days, with diminishing volume and weak recovery attempts highlighting a lack of market conviction [1]. According to TradingView data, WIF opened at $0.9177 on August 1, dropped to a low of $0.8436, and settled at $0.8621 on Binance’s perpetual futures market [1]. This decline has sparked concern among traders, who now fear a potential breakdown of the key support level that has been repeatedly tested in July.

The technical structure indicates that $0.87 is not only a psychological level but also a critical technical support based on volume accumulation and historical price behavior. Ali (@ali_charts), a crypto analyst, emphasized on X on August 2 that holding above $0.87 is crucial for WIF’s bullish continuation, warning that a breach could trigger a slide to $0.57 [1]. This analysis has drawn over 12.2K views and prompted mixed reactions from the community. While some traders remain bearish, others have set price alerts near $0.87 and $0.57, anticipating decisive movement within the next 48 hours [1].

Volume analysis further supports the bearish outlook. Recent sell-offs have seen higher volume than rallies, indicating bearish divergence. This trend suggests that the pressure to break below $0.87 is increasing, especially with no strong buying interest emerging to counter the downward momentum [1]. Historical data also reveals that WIF previously rebounded from $0.57 in April and climbed above $1.00 by early June. However, that bullish momentum has since faded, and the market is now approaching those contested levels again [1]. A breakdown below $0.87 could invite sellers targeting a retest of the April low.

The broader crypto market remains uncertain, with Bitcoin consolidating below $110K, adding to concerns about altcoin weakness. Many traders believe that Bitcoin’s behavior in the $107K–$110K range will heavily influence WIF’s performance. If Bitcoin struggles against key resistance, altcoins like WIF could face amplified downward pressure [1]. Analysts have also noted that macroeconomic conditions currently do not favor altcoin rallies, further complicating the outlook for WIF.

Traders are now positioning themselves for potential volatility in the next 24–48 hours. Some have already set alerts to capitalize on potential bounces or breakdowns. The immediate outlook for WIF hinges on the critical $0.87 level, with its fate likely to determine whether a bullish recovery is possible or if the asset will face a sharper decline toward $0.57.

[1] Source: [1] Dogwifhat Must Hold $0.87 or Face Sharp Fall to $0.57 (https://cryptonewsland.com/dogwifhat-must-hold-0-87-or-face-fall-to-0-57/)