22 Oct 2021 · 2 min read

Bitcoin and Ethereum Reach Key Support, Altcoins Face Sellers

  • Bitcoin price fluctuates around USD 63,500.
  • Ethereum is still above USD 4,100, XRP is struggling to stay above USD 1.10.
  • RUNE and OKB are up over 17%.

Bitcoin price started a downside correction from the USD 67,000 zone. BTC corrected lower below USD 65,000 and USD 63,500, before going higher again. It is currently (11:51 UTC) trading above USD 63,500, but there is a risk of a downside correction.

Besides, most major altcoins are also correcting lower. ETH is down over USD 200, but it is still above USD 4,000. XRP could struggle to stay above USD 1.08 and USD 1.05. ADA might revisit the USD 2.12 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a bearish reaction, bitcoin price failed to stay above the USD 64,200 support. BTC even traded below USD 63,500 and it is now trying to recover. On the downside, an immediate support is near USD 62,500. The next key support is near USD 62,000, below which there is a risk of a drop towards the USD 60,000 support.

On the upside, the price is facing resistance near the USD 64,200 level. The next major resistance is near USD 65,000, above which the price might start a steady increase towards USD 66,500.

Ethereum price

Ethereum price also started a downside correction below USD 4,250. ETH traded below USD 4,150 and it is now approaching the USD 4,080 support. The main breakdown support is now forming near the USD 4,020 and USD 4,000 levels.

On the upside, the price is facing resistance near the USD 4,220 level. The key breakout resistance is at USD 4,300, above which the price could aim for a new all-time high in the near term.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is declining and trading near the USD 2.20 support level. An initial support is near the USD 2.15 level. The next major support is USD 2.12, below which the price might decline towards the USD 2.05 level in the coming sessions.

Litecoin (LTC) failed to stay above the USD 202 and USD 200 support levels. It is declining and it might reach the USD 192 support level. On the upside, the USD 205 level is a short-term hurdle before the main USD 212 resistance level.

Dogecoin (DOGE) is showing a few bearish signs below USD 0.250. An initial support is near USD 0.240, but it seems like the price might test USD 0.232. The next major support is USD 0.220, below which the price might decline towards the USD 0.200 level. On the upside, the bears may possibly appear near the USD 0.255 level.

XRP price is struggling to stay above the USD 1.10 level. An immediate support is near USD 1.08, followed by USD 1.05. If the price fails to stay above USD 1.05, there could be a move towards the USD 1.00 level in the near term.

Other altcoins market today

A few altcoins are up over 5%, including RUNE, OKB, LEO, SOL, LUNA, EGLD, and SRM. Out of these, RUNE is still up over 20% and trading above the USD 10 level.

To sum up, bitcoin price is correcting lower below USD 64,000. However, BTC could find a strong buying interest near USD 62,200 or USD 60,500 in the coming sessions.

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