Bitcoin and Ethereum Bears in Control, Altcoins Crash Too
- Bitcoin price declined almost 14% and traded below USD 24,000.
- Ethereum dived below USD 1,200, XRP tested the USD 0.30 support.
- Altcoins are also down in double-digits.
Bitcoin price remained in a bearish zone below the USD 28,000 level and extended its decline below the USD 25,000 support. It is currently (04:49 UTC) down almost 14% and might even test the USD 23,200 support. BTC is also down 21% in a week.
Similarly, most major altcoins gained bearish momentum. ETH traded below the USD 1,350 and USD 1,220 support levels. XRP dived and tested the USD 0.30 zone. ADA traded below the USD 0.450 support zone.
Learn more: Bitcoin, Ethereum & Crypto Dive as Celsius Adds Fuel to the Fed Fire This Week
Total market capitalization:
After a sharp decline, bitcoin price traded below the USD 25,000 support zone to move further into a bearish zone. It is down 14% and is trading near USD 23,700. The next major support is near the USD 23,200 zone, below which the price could even dive towards the USD 22,000 support zone in the near term.
On the upside, an immediate resistance is near the USD 25,000 resistance zone. The next key resistance is now forming near the USD 26,500 level, above which the price might start a recovery wave.
Ethereum price tumbled below the USD 1,500 support zone. ETH is down over 18% and is trading near the USD 1,200 level. The next major support is near USD 1,120, below which the price might even test the USD 1,050 support. ETH is down over 33% in a week.
On the upside, an immediate resistance is near the USD 1,320 level. The next key resistance is near the USD 1,400 level, above which the price could revisit the USD 1,500 zone.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined heavily below the USD 0.50 and USD 0.465 support levels. It even tested the USD 0.435 level and might continue to move down towards the USD 0.42 support.
BNB settled below the USD 250 support level. It even broke the USD 225 support and spiked below the USD 220 level before recovering. If the bears remain in action, there is a risk of a move towards the USD 200 level.
Solana (SOL) is down 19% and trading below the USD 30 level. The bears seem to be targeting the USD 25 level. Any more losses could set the pace for a move towards USD 22.
DOGE declined heavily below the USD 0.0650 support level. There was also a move below the USD 0.055 support level. If there is a recovery wave, the price could struggle near USD 0.0620.
XRP price declined below the USD 0.325 support zone. The price traded close to the USD 0.30 level. If there are additional losses, XRP could even test the USD 0.28 level.
Other altcoins market today
Many altcoins are down over 10%, including AVAX, DOT, MATIC, TRX, UNI, LINK, CRO, NEAR, FLOW, XTZ, SAND, APE, and THETA. NEXO is the worst performer among the top 100 cryptoassets by market capitalization today as it dropped 22% and breached the USD 0.79 level.
To sum up, bitcoin price is accelerating losses below the USD 25,000 level. If BTC slides further, the bears could test the USD 22,000 support zone in the near term.