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Bitcoin Drops Despite New Terra’s BTC Purchase, Ethereum Dives Even More

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  • Bitcoin price dropped below USD 45,000.
  • Ethereum declined below USD 3,300, XRP failed to stay above USD 0.80.
  • DOGE erased almost all its daily gains.

Bitcoin price spiked below USD 45,000 and is currently (11:30 UTC) consolidating losses near USD 44,900. A close below USD 45,000 might start another decline in the near term. The price is now down almost 4% in a day.

Besides, most major altcoins are trading in the red zone. ETH might gain bearish momentum if it settles below USD 3,300. XRP could accelerate lower if it breaks the USD 0.80 support. ADA is gaining bearish momentum below USD 1.15.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a sharp decline, bitcoin price is now trading below the USD 45,000 zone. If there is a downside break and a close below USD 45,000, the price could accelerate lower. The next major support is near USD 44,450, below which the price might test USD 44,000. Any more losses may possibly push the price towards the USD 43,200 support.

On the upside, an initial resistance is near the USD 45,500 level. The first major resistance is near the USD 46,200 level, above which the price could move into the green zone.

BTC corrected lower despite Terra (LUNA) founder Do Kwon saying he bought USD 230 worth of bitcoin today. 

Learn more: Terra’s USD 10B Bitcoin Bet May be Both a Curse and a Blessing 

Ethereum price

Ethereum price spiked below the USD 3,300 level before recovering. ETH is now consolidating near USD 3,300 and is down 6% in a day. It seems like the bears might attempt another move below USD 3,300. The next major support is near the USD 3,220 level, below which there is a risk of a move below the USD 3,200 level.

On the upside, the price face resistance near USD 3,380. The first major resistance might be near the USD 3,420 level, above which the price could surge to USD 3,500. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down almost 8% and there was a move below the USD 1.12 support. The price is now heading towards the USD 1.10 level. If the bears remain in action, the price could even test USD 1.05.

BNB declined below the USD 435 level. It is now trading near the USD 432 support. If there is a move below the USD 432 level, the price may perhaps decline towards the USD 420 level.

Solana (SOL) is down over 9% and is approaching the USD 120 support. The next major support is near the USD 115 level, below which the price might even struggle to stay above USD 112.

DOGE rallied above the USD 0.165 level. It even tested the USD 0.180 level before the bears appeared. The price trimmed almost all its daily gains and is now moving lower towards USD 0.150. DOGE is still up 1% in a day.

XRP price is struggling to stay above the USD 0.80 support. If there is a close below USD 0.80, the price could gain bearish momentum. The next major support is near USD 0.75.

Other altcoins market today

Many altcoins are down over 5%, including AVAX, DOT, MATIC, CRO, NEAR, LTC, ATOM, LINK, UNI, TRX, BCH, FTT, ETC, XLM, and ALGO. Out of these, ALGO is down 10% and trading below USD 0.805.

To sum up, bitcoin price is struggling to stay above the USD 45,000 support. If BTC settles below USD 45,000, it could even decline below USD 44,000.


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