27 Oct 2021 · 2 min read

Bitcoin, Ethereum, and Altcoins Drop Below Key Levels

  • Bitcoin price broke the key USD 60,000 support zone.
  • Ethereum could dive if it settles below USD 4,000, XRP traded below USD 1.00.
  • 1INCH rallied 49%, SHIB is up by 23%.

Bitcoin price failed to stay above the key USD 60,000 support zone and BTC extended decline below USD 59,500. It is currently (11:51 UTC) down almost 6% and it could decline further towards USD 57,500.

Besides, most major altcoins are gaining bearish momentum. ETH declined 5% and it broke the USD 4,000 support zone. XRP spiked below USD 1.00 and it might continue to move down. ADA dived almost 8% and traded below USD 2.00.

Total market capitalization

Source: tradingview.com

Bitcoin price

After struggling to recover above USD 62,000, bitcoin price started a major decline. BTC broke the USD 60,000 support zone to move into a short-term bearish zone. The decline gained pace below the USD 59,200 and USD 58,800 levels. If the bears remain in action, the price could extend losses towards the USD 57,500 level in the near term.

An initial resistance on the upside is near the USD 59,500 level. The next major resistance is near USD 60,000 (the recent breakdown zone).

Ethereum price

Ethereum price also followed bitcoin and declined over 5%. ETH traded below the USD 4,050 and USD 4,000 support levels. If there is a close below USD 4,000, the price might accelerate lower. In this case, it could test the USD 3,800 support zone.

If there is a fresh increase, an initial resistance is near the USD 4,050 level. The first major resistance is now forming near USD 4,120, above which the price could start a steady increase.

ADA, BNB, DOGE, SOL, and XRP price

Cardano (ADA) is down almost 8% and there was a clear break below the USD 2.05 level. The price even declined below USD 2.00 before recovering. The next major support is seen near the USD 1.88 level. Any more losses could open the doors for a move towards the USD 1.80 level.

Binance Coin (BNB) failed to surpass the USD 500 level. The price declined below USD 475 and USD 465 support levels. A downside break below the USD 450 level could increase selling pressure in the near term.

Dogecoin (DOGE) traded below the USD 0.250 support zone. The price is now consolidating near the USD 0.232 level. If there is a close below USD 0.232 and USD 0.225, the price could decline towards the USD 0.200 level.

Solana (SOL) declined by 7% after it failed to stay above the USD 200 level. The price is now consolidating near USD 195. The next major support is near USD 180, below which the price could decline towards the USD 165 level.

XRP price is down 9% and it even spiked below the USD 1.00 support level. A close below USD 1.00 may possibly push the price towards the USD 0.920 level. The next major support is near USD 0.850, where the bulls could take a stand.

Other altcoins market today

Many altcoins are down over 10%, including FTM, ICP, ONE, EOS, KCS, MIOTA, ETC, FIL, EGLD, AVAX, RUNE, THETA, ZIL, and REV. Conversely, AAVE, SHIB, and 1INCH, are up by 11%-49%.

To sum up, bitcoin price is gaining bearish momentum below USD 60,000. If BTC settles below USD 60,000 today, there is a risk of a move towards USD 57,500 or even USD 55,000.

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