Bitcoin Drops Below USD 36K, Ethereum Down 9%, Altcoins Keep Sliding
- Bitcoin price is gaining bearish momentum below USD 36,000.
- Ethereum declined 9%, XRP might extend losses below USD 0.58.
- SOL and ADA increased losses.
Bitcoin price started a strong decline below the USD 40,000 resistance zone and settled below the USD 37,500 level to move into a bearish zone. It is currently (11:49 UTC) down almost 10% and is trading near USD 35,800.
Similarly, most major altcoins are gaining bearish momentum. ETH broke the USD 2,700 level and might slide below USD 2,620. XRP is showing bearish signs below the USD 0.60 level. ADA might extend losses and test the USD 0.75 support.
Total market capitalization
After a strong decline, bitcoin price settled below the USD 37,500 support. BTC even traded below the USD 36,200 support and tested USD 35,500. The next major support is near USD 35,000, below which the price might accelerate lower. In this case, the price may perhaps decline towards the USD 33,200 level.
On the upside, an immediate resistance is near the USD 36,500 level. The next key resistance is now forming near the USD 37,000 level, above which the bulls might attempt a move above USD 37,500.
Ethereum price also followed a similar pattern and declined sharply below the USD 2,750 level. ETH even traded below USD 2,700 and might test the USD 2,620 level. The next major support is near the USD 2,600 level, below which the price might test USD 2,550.
On the upside, the bulls may possibly face resistance near the USD 2,750 level. The next major hurdle is near the USD 2,800 level, where the bears might take a stand.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined almost 10% and there was a close below the USD 0.80 level. The next major support is near the USD 0.75 level. Any more losses may perhaps open the doors for a drop towards the USD 0.72 level.
BNB is consolidating above the USD 372 level. The next major support is near USD 365. If there is an upside correction, the USD 385 level might present resistance. The next key resistance is near USD 392.
Solana (SOL) is down over 12% and trading below the USD 82 level. An immediate support is near the USD 80 level, below which there is a risk of a move towards USD 75. If there is an upside correction, the price might face resistance near USD 88.
DOGE could continue to move down below the USD 0.125 level. The next stop for the bears might be near the USD 0.122 level, below which the price could slide towards USD 0.120.
XRP price settled below the USD 0.60 support. It seems like the bears might push the price below USD 0.58. In this case, the price might decline toward USD 0.55.
Other altcoins market today
Many altcoins are down over 10%, including AVAX, DOT, MATIC, NEAR, CRO, ATOM, ZIL, GMT, LINK, FTT, ALGO, APE, ETC, and VET. Out of these, ZIL and GMT dropped 19%-26%, becoming the worst performers among the top 100 cryptoassets by market capitalization today.
To sum up, bitcoin price is moving lower towards the USD 35,000 level. If BTC slides below USD 35,000, there is a risk of more downsides towards USD 34,200 or even USD 33,200.