Bitcoin and Ethereum Move Lower, Altcoins Increase Losses
- Bitcoin price dived below USD 20,000 before recovering.
- Ethereum traded below USD 1,150, XRP could extend losses to USD 0.305.
- BNB, DOGE, and SOL are down over 8%.
Bitcoin price broke the USD 20,500 support and tested USD 20,000. It is currently (11:52 UTC) showing bearish signs near USD 20,100 and is down almost 5% in a day and 3% in a week.
Similarly, most major altcoins are moving lower. ETH is down 9% and trading below USD 1,150. XRP is approaching the USD 0.32 support. ADA might test the USD 0.455 support zone.
Total market capitalization
Learn more: Crypto Market Struggles as Bitcoin Tests USD 20K, Analysts Warn of Further Downside, 3AC Liquidation Reportedly Ordered
After a close below the USD 21,000 level, bitcoin price extended its losses and dived briefly below USD 20,000 before recovering. A bearish close below the USD 20,000 support could spark another decline. The first major support on the downside is near the USD 19,500 level. The next major support is near the USD 18,800 zone, below which the price could even test USD 18,000.
On the upside, the price might face resistance near the USD 20,500 level. The next major resistance is now near USD 20,850, above which the price could even surpass USD 21,200.
Ethereum price also started another decline below the USD 1,200 support and moved below the USD 1,150 support zone. It is now struggling to stay above the USD 1,100 support zone and is down 9% in a day and almost 1% in a week. The next major support is near USD 1,050, below which the price could revisit the USD 1,000 handle.
If there is an upside correction, the price could face resistance near the USD 1,150 level. The next major resistance is near USD 1,200, above which the price could rise steadily.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is down almost 5% and trading below the USD 0.48 support. The next major support is near the USD 0.455 level, below which the bears may perhaps test the USD 0.42 level.
BNB is down 8% and trading below the USD 225 support. If there is a move below the USD 212 support, the price could even test the USD 200 support zone.
Solana (SOL) is down almost 12% and trading well below USD 35. The next major support is near the USD 33.20 level, below which the price might even test the USD 32 level.
DOGE is gaining bearish momentum below the USD 0.070 support zone and is down 8% in a day. The next major support is near the USD 0.065 level. Any more losses could send the price towards the USD 0.0620 level.
XRP price is now approaching the USD 0.320 support. If the bears remain in action, the price might even test the USD 0.30 support level. Conversely, it could rise and revisit USD 0.35.
Other altcoins market today
Many altcoins are down over 5%, including DOT, SHIB, AVAX, LTC, UNI, FTT, NEAR, ETC, CRO, XLM, BCH, SAND, APE, and HBAR. Out of these, APE is down 12% and trading below the USD 5.00 support. Meanwhile, SNX and 10SET are still up 6% and 10%, respectively.
To sum up, bitcoin price is struggling to stay above the USD 20,000 support. A close below USD 20,000 could accelerate the downtrend and BTC might dive towards USD 18,800.