Bitcoin Dives to USD 21K, Ethereum Tests USD 1.1K, FTM, THETA, and GALA Rally
- Bitcoin price accelerated losses below USD 22,000.
- Ethereum spiked below USD 1,120, XRP is near USD 0.30.
- FTM, THETA, and GALA are the best performers today.
Bitcoin price remained in a strong downtrend and traded below the USD 25,000 support zone. BTC tested the USD 21,000 level before recovering to almost USD 22,000 again. It is currently (03:51 UTC) trading near USD 21,900, with a major support near USD 20,500. BTC is down 14% in a day and 30% in a week.
Similarly, most major altcoins declined heavily. ETH traded below USD 1,100 before recovering, XRP tested USD 0.30, while ADA is still trading above the USD 0.42 support zone.
(Learn more: Bitcoin, Ethereum & Crypto Dive as Celsius Adds Fuel to the Fed Fire This Week)
Total market capitalization
After a close below USD 26,500, bitcoin price struggled to stay above the USD 25,000 support. As a result, BTC accelerated losses and tested the USD 21,000 level. The next major support is near the USD 20,500 zone, below which the bears could aim for a move below the USD 20,000 support.
On the upside, an immediate resistance is near the USD 22,500 resistance zone. The next major resistance is now forming near the USD 23,200 level.
Mark Newton of Fundstrat Global Advisors said BTC is “getting closer to intermediate-term levels of support which suggest buying dips should be correct by the end of the second quarter,” per Bloomberg.
Ethereum price also gained bearish momentum below the USD 1,500 support. ETH declined over 14% and traded below the USD 1,250 support. It even spiked below USD 1,120 and tested USD 1,080 before recovering above USD 1,160. The next major support is near USD 1,000, below which the price might accelerate towards USD 880.
On the upside, an immediate resistance is near the USD 1,200 level. The next key resistance is near the USD 1,250 level, above which the price could start a move towards USD 1,350.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) settled below the key USD 0.50 support. It declined below USD 0.45, but the downsides were limited. The price is now consolidating near USD 0.45, with a major hurdle at USD 0.48.
BNB declined sharply below the USD 225 and USD 220 support levels. It is down 9% and there was a move towards the USD 200 level before the price returned to USD 220 again. Any more losses might send the price to USD 188.
Solana (SOL) extended losses below the USD 28 level. However, the bulls protected the USD 25 support zone and the price recovered. The next major support is at USD 22.
DOGE declined heavily below the USD 0.0550 support level. It even spiked below the USD 0.050 level before recovering. If there is a close below USD 0.050, the price could dive towards the USD 0.042 level.
XRP price declined below the key USD 0.32 support zone. There was a drop below the USD 0.30 level, but the bulls appeared. The price is now consolidating near the USD 0.30 level.
Other altcoins market today
Many altcoins are down over 10%, including TRX, MATIC, FTT, CRO, XLM, UNI, BCH, XMR, ETC, FLOW, XTZ, KCS, and EGLD. Meanwhile, FTM, THETA, and GALA are the best performers among the top 100 cryptoassets by market capitalization today, as they rallied 11%-13% in a day. However, the three is still down 11%-34% in a week.
Overall, bitcoin price is accelerating lower below USD 22,500. If BTC slides below USD 20,000, it could even test the USD 18,800 support zone.