· 2 min read
Bitcoin and Ethereum Lose Ground, Altcoins Dive
Bitcoin price traded below the USD 23,000 level.Ethereum tested the USD 1,800 zone, XRP is approaching USD 0.350.DOGE and ADA are down over 8%.
Bitcoin price followed a bearish path below the USD 23,500 support. BTC even traded below the USD 23,200 support zone. It is currently (04:00 UTC) struggling below USD 23,000 and might continue to move down.
Similarly, most major altcoins are gaining bearish momentum. ETH extended losses and tested the USD 1,800 level. XRP is down 4% and approaching the USD 0.35 support. ADA declined sharply and traded below the USD 0.50 support.
Total market capitalization
After a close below USD 23,500, the bitcoin price failed to start a recovery wave. BTC remained in a bearish zone and declined below the USD 23,200 support. It even broke the USD 23,000 level and started moving in a range. Now, immediate support is near the USD 22,720 level. The next major support is near the USD 22,500 zone, below which the price could accelerate lower.
On the upside, the price might face resistance near the USD 23,200 level. The next resistance is near the USD 23,500 level, above which the price might attempt a fresh increase.
Ethereum price also gained bearish momentum below the USD 1,850 level. ETH even traded below the USD 1,820 support and tested USD 1,800. It is now struggling to recover and might continue to move down below USD 1,800. The next major support is USD 1,780, below which the price could even test the USD 1,750 level.
On the upside, the price could face resistance near the USD 1,850 level. The next key resistance is near the USD 1,900 level, above which the price could rise steadily.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained bearish momentum below the USD 0.55 support zone. The bears were able to push the price below the USD 0.50 support. It is down over 8% and approaching the USD 0.48 support.
BNB is down over 4%, and there was a move below the USD 300 support. On the downside, the next major support sits at USD 288, below which the price might dive to USD 275.
Solana (SOL) is down over 6%, and there was a clear break below the USD 40 support. The price is now trading near the USD 38 level, below which it could even test USD 36.20.
DOGE is down 8%, and the bears were able to push the price below USD 0.0750. It is now approaching the USD 0.0720 support, below which it may test USD 0.0700.
XRP price is moving lower below the USD 0.37 level. If the bears remain in action, the price might even test USD 0.35. Any more losses might send it towards the USD 0.335 level.
Other altcoins market today
Many altcoins are gaining bearish momentum, including DOT, SHIB, AVAX, MATIC, TRX, UNI, NEAR, LINK, BCH, ALGO, FLOW, and FIL. Out of these, FIL declined 12% and traded below the USD 7.25 level.
Overall, the bitcoin price is showing bearish signs below the USD 23,200 level. If the bears remain in action, there could be a drop towards the USD 22,000 level.