Bitcoin and Ethereum Continue to Weaken, SRM and QNT Rally
- Bitcoin price is testing the USD 19,500 support.
- Ethereum is consolidating near USD 1,050, XRP is stable near USD 0.312.
- SRM and QNT are the best performers today.
Bitcoin price followed a bearish path below the USD 20,500 level and even declined below the USD 19,500 support zone before moving higher again. It is currently (04:00 UTC) consolidating near USD 19,500 and is down 2% in a day and 3% in a week.
Similarly, most major altcoins are showing bearish signs. ETH traded below the USD 1,070 support zone and tested USD 1,050. XRP is consolidating near USD 0.312. ADA tested the USD 0.420 support zone.
Total market capitalization
In the past three sessions, bitcoin price saw bearish moves below the USD 21,200 level. BTC traded below the USD 20,500 support and even settled below USD 20,000. There was a spike below the USD 19,500 level before the bulls appeared. The next major support is near the USD 19,200 zone, below which the price could decline towards the USD 18,800 support.
On the upside, the price might struggle near the USD 20,000 level. The next major resistance could be USD 20,500, above which bitcoin could start a recovery wave.
Ethereum price declined further below the USD 1,070 level. ETH even spiked below the USD 1,050 level before moving back. It is now consolidating near the USD 1,050 level and is down 3% in a day and 7% in a week. On the upside, the price might face resistance near USD 1,100. The next major resistance is at USD 1,120, above which the price could aim for a steady recovery.
If there is no upward move, the price might even test the USD 1,000 support. The next major support is near USD 950, below which the price could revisit the USD 900 support zone.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined below the USD 0.434 support zone. It even spiked below the USD 0.42 support zone before recovering. Any more losses might send the price towards the USD 0.40 level.
BNB extended decline below the USD 225 support zone. The next major support is near the USD 220 level. A downside break below the USD 220 level might send the price towards the USD 200 level.
Solana (SOL) is moving lower towards the USD 32 support zone. If there is a break below the USD 32 level, the price might continue to move down towards the USD 30 level.
DOGE is down almost 3% and there was a brief spike below the USD 0.060 support level. The next key support is near USD 0.0585, below which the bears might aim for a move towards USD 0.0550 in the near term.
XRP price is now consolidating near the USD 0.312 level. The main support is still near the USD 0.302 zone, below which the price might drop towards USD 0.288.
Other altcoins market today
Many altcoins are in the red zone, including DOT, SHIB, AVAX, MATIC, LTC, FTT, CRO, ATOM, VET, ICP, and XTZ. Conversely, SRM and QNT are the two best performers among the top 100 cryptoassets by market capitalization today as they both jumped almost 8%. SRM trades above USD 1 and is also up 37% in a week, while QNT moved above USD 83, increasing its weekly gains to 41%.
Overall, bitcoin price is showing bearish signs below the USD 20,000 level. If BTC settles below the USD 19,500 support, it could decline further in the coming sessions.