Bitcoin and Ethereum Correct, Altcoins Follow
- Bitcoin price is correcting gains below USD 65,000.
- Ethereum traded below the USD 4,650 support, XRP is testing USD 1.20.
- IOTX extended its rally above the USD 0.22 level.
Bitcoin price failed to stay above the USD 66,500 support level. BTC extended decline below the USD 65,500 support level and is currently (04:20 UTC) trading below USD 65,000. There is a risk of a move towards USD 63,200.
Besides, most major altcoins are also moving lower. ETH started a downside correction below USD 4,650 and even spiked below USD 4,500 before recovering. XRP is now trading near the USD 1.20 support. ADA is down 5%, moving towards USD 2.00.
Total market capitalization
After a failure to clear USD 67,000, bitcoin price started a downside correction below USD 66,000. BTC corrected lower below the USD 66,500 and USD 65,000 support levels. On the downside, an initial support is near the USD 64,000 level. The next key support is near the USD 63,200 level, below which the price might test USD 62,500.
On the upside, the price is facing resistance near USD 65,000. The next major resistance is now forming near the USD 66,000 level, above which the price might start a steady increase.
Ethereum price also followed bitcoin and traded below the USD 4,650 support. ETH even spiked below USD 4,500 before recovering a few points. If there is another decline, the bulls might appear near USD 4,550. The next key support is near USD 4,500 below which the price might test USD 4,400.
On the upside, an immediate resistance is near the USD 4,700 level. A close above USD 4,700 is needed for a stronger increase in the near term.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) failed to stay above the USD 2.20 and USD 2.12 support levels. It is down 5% and is approaching the USD 2.00 support. Any more losses could open the doors for a move towards USD 1.85.
Binance coin (BNB) is moving lower towards the USD 610 support level. The main support is near the USD 600 level. A close below USD 600 may possibly clear the path for more losses towards USD 550.
Solana (SOL) also declined from the USD 250 resistance. SOL is declining and approaching the USD 230 support. The next major support is near the USD 225 level, below which it could decline towards USD 210.
SHIB is down 5% and it is approaching the USD 0.0000500 level. A close below the USD 0.0000500 support level may possibly spark a sharper decline. Conversely, the price could rise towards the USD 0.000055 level.
XRP price declined below the key USD 1.20 support level, before going back. The next major support is near the USD 1.12 level. If the bulls fail to protect USD 1.12, there could be a drop towards the USD 1.05 level in the near term. On the upside, the USD 1.25 level is an immediate hurdle.
Other altcoins market today
Many altcoins are down over 8%, including SCRT, SAND, AUDIO, BTG, ATOM, GRT, ETC, ZIL, ICP, RVN, AAVE, THETA, and DOT. Out of these, SAND and MANA declined 10%. Meanwhile, IOTX is up 60%, while LRC rallied 23%.
Overall, bitcoin price is correcting lower below the USD 65,000 level. If BTC extends losses below USD 63,500, it could decline towards USD 62,000.