16 Jun 2022 · 2 min read

Bitcoin and Ethereum Retreat From Key Hurdles, Altcoins Trim Gains

 

  • Bitcoin price failed to clear the USD 23,200 resistance.
  • Ethereum struggled near USD 1,250, XRP might retest the USD 0.30 support.
  • Best performing altcoins trimmed their gains also.

Bitcoin price attempted a recovery wave above the USD 22,000 resistance. BTC even cleared the USD 22,500 level, but the bears were active near USD 23,000. BTC is currently (11:44 UTC) trading near USD 21,200 and is unchanged in a day and down 26% in a week.

Similarly, most major altcoins failed to clear key hurdles. ETH struggled to surpass the key USD 1,250 resistance zone. XRP topped below USD 0.35 and corrected gains. ADA failed to stay above the USD 0.50 pivot level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move above USD 22,000, bitcoin price extended its upward move. BTC climbed above USD 22,500, but the bulls struggled to remain in action. The price failed to surpass the USD 23,000 resistance levels and is now back below USD 21,500. On the downside, an initial support is near the USD 20,500 level. The next major support is near the USD 20,000 zone, below which the price could accelerate its decline.

On the upside, an immediate hurdle is near the USD 22,000 level. The next major resistance is near the USD 23,000 and USD 23,200 levels.

Ethereum price

Ethereum price also attempted a recovery wave above the USD 1,150 resistance. ETH climbed above the USD 1,200 level but faced a major hurdle near USD 1,250. It is now back below USD 1,150 and might test the USD 1,050 support. The next major support is near USD 1,000. ETH is unchanged in a day and down 32% in a week.

On the upside, the price is now facing resistance near the USD 1,180 level, above which the bulls could attempt a move towards the USD 1,250 hurdle.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained pace above the USD 0.50 resistance. However, it failed to surpass the USD 0.55 resistance level. The price is back below the USD 0.50 level and might revisit the USD 0.48 support zone.

BNB struggled to clear the USD 235 resistance zone. The price is now moving lower and trading below the USD 220 level. The next major support is near USD 212, below which the price could test the USD 200 support.

Solana (SOL) rallied above the USD 32 level. It even spiked above the USD 35 level, but there was no upside continuation. The price is now correcting gains and might test the USD 30 support zone. SOL is still up 9% in a day and down 12% in a week.

DOGE rallied above the USD 0.060 resistance. It tested the USD 0.0638 level before the bears appeared and pushed the price back below USD 0.060. It seems like they are aiming for a retest of the USD 0.055 level. DOGE is up almost 6% in a day and down 24% in a week.

XRP price failed to clear the USD 0.35 resistance zone. It is moving lower and might retest the USD 0.30 support. On the upside, the bears might defend the USD 0.335 level.

Other altcoins market today

A few altcoins are still up over 5%, including TRX, AVAX, LTC, FTT, UNI, CRO, NEAR, ETC, HNT, EGLD, and APE. Out of these, EGLD gained almost 14% and is trading near the USD 50 level after failing to stay above USD 57 which was reached earlier today.

To sum up, bitcoin price failed to extend gains above the USD 23,000 level. If BTC fails to stay above USD 20,500, there is a risk of a break below the USD 20,000 support.

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