Bitcoin, Ethereum and Altcoins Nosedive
- Bitcoin price failed to extend recovery and declined sharply.
- Ethereum declined 8%, XRP dived 10%
- BNB, ADA, DOGE, DOT, and SOL are down over 8%.
Bitcoin price failed to settle above the USD 58,500 resistance zone. BTC struggled to continue higher and started a sharp decline below USD 55,000, after stock markets in Asia and US stock futures all pointed lower on fears over a new variant of the coronavirus that is spreading in South Africa. It is currently (11:32 UTC) down almost 7% and traded to a new weekly low.
Similarly, most major altcoins are moving lower. ETH is down 8% and it even tested USD 4,000. XRP broke the key USD 1.00 support and declined 10%. ADA extended losses and tested the USD 1.50 support level.
Total market capitalization
After facing hurdles near USD 59,500, bitcoin price started a fresh decline. There was a sharp bearish wave and the price declined over 5%. It broke the USD 56,500 and USD 55,000 support levels. An initial support is near USD 54,000. The next major support is near USD 52,500, below which the price could decline towards the USD 50,000 support.
If there is a fresh recovery wave, the price could face resistance near the USD 55,500 level. The next major resistance is near the USD 56,500 level.
Ethereum price topped near the USD 4,550 level. ETH is down over USD 500 and it even tested the USD 4,000 support. If the bulls fail to keep the price above USD 4,000, there could be a move towards the USD 3,800 level in the near term.
On the upside, the price could face resistance near the USD 4,120 level. The next major resistance is near the USD 4,250 level.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) remained in a bearish zone and traded below the USD 1.60 support. The bears took control, resulting in a move towards the USD 1.50 level. If there are additional losses, the price could test the USD 1.35 level.
Binance coin (BNB) trimmed all its gain and declined heavily below the USD 600 level. It even traded below the USD 585 support. It seems like the bears are aiming for a test of the USD 550 support zone.
Solana (SOL) is down 11% and it broke the USD 200 support zone. It is now testing the USD 185 support level. If there are additional losses, the price may perhaps slide towards the USD 175 level.
SHIB settled below the USD 0.000040 level. It is now consolidating near the USD 0.000038 level. The next major support is near USD 0.000035, below which the price could slide towards the USD 0.000032 level.
XRP price failed to clear the USD 1.05 resistance. As a result, there was a strong decline below the USD 1.00 support. The price even traded below USD 0.950 and it might continue to move down towards USD 0.900. The next major breakdown support is near the USD 0.880 level.
Other altcoins market today
Many altcoins are down over 10%, including AVAX, CRO, ONE, MINA, ROSE, WAXP, ATOM, LRC, FTM, IMX, and ICX. Conversely, LPT and BAT are still up 13% and 20% respectively.
To sum up, bitcoin price failed to extend recovery above USD 60,000. BTC traded to a new weekly low and it could even extend losses towards the USD 52,000 level.