16 Nov 2021 · 2 min read

Bitcoin, Ethereum and Altcoins Trim Gains, Bulls Struggle

  • Bitcoin price declined 7% and traded below USD 62,500.
  • Ethereum dropped below USD 4,500, XRP is now well below 1.20.
  • BNB, ADA, DOGE, and many altcoins are down over 5%.

Bitcoin price failed to gain strength above USD 65,500. As a result, BTC reacted to the downside and traded below USD 63,500. It is currently (06:00 UTC) down over 7% and there is a risk of more downsides below USD 61,000.

Besides, most major altcoins are gaining bearish momentum. ETH declined below USD 4,500 and USD 4,450. XRP is down nearly 7% and traded below USD 1.15. ADA settled below the key USD 2.00 support zone. 

Total market capitalization

Source: tradingview.com

Bitcoin price

After another failed attempt near USD 66,000, bitcoin price started a fresh decline. BTC traded sharply below the USD 64,000 and USD 63,500 support levels. It even broke the USD 62,000 support zone. On the downside, an initial support is near the USD 60,500 level. The next key support is near the USD 60,000 level.

On the upside, the price is facing resistance near USD 62,000. The first major resistance is now forming near the USD 62,500 level, above which the price may start a steady increase. That said, it's now trading at USD 61,200. 

Ethereum price

Ethereum price is showing positive signs above the USD 4,650 level. ETH is consolidating near USD 4,700. An initial resistance is near the USD 4,750 level. The main hurdle is near USD 4,800. A close above USD 4,800 is needed for a fresh increase in the near term.

On the downside, an initial support is near USD 4,650. The key weekly support is near USD 4,550 below which the price may test USD 4,400. It's now trading at USD 4,353. 

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) declined below the USD 2.05 and USD 2.00 support levels. The price even tested the USD 1.92 level. If the bears remain in action, the price may even test USD 1.88. Conversely, the USD 2.00 level might act as a hurdle.

Binance Coin (BNB) declined below the USD 625 and USD 620 support levels. The price tested USD 600 and is currently consolidating losses. If there is an upside correction, the bears might take a stand near the USD 625 level.

Solana (SOL) failed to clear USD 250 and declined below USD 230. There was a test of USD 225 and the price is now consolidating losses. If there are additional losses, the price could slide towards the USD 210 level.

SHIB is down 4%, and it is now trading near the USD 0.0000500 level. A downside break below the USD 0.0000500 level, the price could gain bearish momentum. The next major support is near the USD 0.000048 level, below which it may perhaps test USD 0.000045.

XRP price is down 6.9% and it settled below the USD 1.20 level. There was a clear break below USD 1.15 and it seems like there is a risk of a move towards USD 1.10. The next major support sits at USD 1.05.

Other altcoins market today

Many altcoins are down over 10%, including KDA, CHZ, CRO, NEAR, RUNE, AR, SAND, LINK, LTC, GRT, FTM, and OMG. 

Overall, bitcoin price is showing bearish signs below USD 65,000 and USD 64,000. If BTC slides below USD 60,000, there may be a decline in the coming sessions.