Bitcoin and Ethereum At Risk of More Downsides
- Bitcoin price is showing bearish signs below USD 48,500.
- Ethereum settled below USD 3,850, XRP could test USD 0.82.
- ICX and WAVE are down over 12%.
Bitcoin price failed to recover above the USD 48,500 level. BTC extended decline below the USD 48,000 support. It is currently (11:30 UTC) trading below USD 40,000 and might decline further towards the USD 46,500 level.
Similarly, most major altcoins are trading in a bearish zone. ETH declined below USD 3,800 and the next key support is near USD 3,720. XRP may extend losses and test USD 0.82. ADA is struggling to stay above the USD 1.40 level.
Total market capitalization
After a downside break below USD 48,500, the bitcoin price failed to start a decent recovery. BTC remained in a bearish zone and traded below USD 48,000. It is struggling to stay above USD 47,200. If there is a clear downside break, the bears might aim at USD 46,500. The next major support sits near the USD 45,500 level.
On the upside, the price might face resistance near the USD 48,500 level. The next resistance is near the USD 48,800 zone, above which the bulls might aim for a steady increase.
"Bitcoin's recent downturn came as the year draws to an end and several crypto exchanges gear up to implement a ban on users from China. The selling pressure has been mounting ahead of that ban as users from China seek to sell crypto and convert to fiat before the Dec. 31 deadline," Joe DiPasquale, CEO of crypto hedge fund BitBull Capital, wrote in an emailed comment.
According to him, we can expect relief moving into the new year and a possible recovery drive.
"However, the sustainability of any recovery will depend on market sentiment and underlying dynamics at the time," DiPasquale added.
Ethereum price also extended decline below the USD 3,800 support zone. It seems like the bears are in control and ETH could dive towards USD 3,720. The next key support is near the USD 3,650 level, below which the price might test USD 3,550.
On the upside, the price could face selling interest near USD 3,850. The next key resistance is near the USD 3,880 level, above which the price could start a decent recovery.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is down 6% and traded below the USD 1.42 support level. It is now struggling to stay above USD 1.40. If there is a downside break, the price could decline towards the USD 1.35 level in the near term.
Binance Coin (BNB) is approaching the USD 532 support level. The next major support is near the USD 525 level, below which the price could decline heavily. On the upside, the bears might remain active near the USD 540 level.
Solana (SOL) declined 8% and there was a clear move below the USD 180 level. It is now trading near USD 175, with key support at USD 172. The next major support is near the USD 165 level. Any more losses might send the price towards the USD 155 level.
DOGE is down 5% and testing the USD 0.172 support zone. A downside break below USD 0.172 could put a lot of pressure on the bulls. In the stated case, the price could decline towards the USD 0.155 level.
XRP price declined 5% and there was a clear move below the USD 0.85 level. The next major support is near the USD 0.820 level, below which the price could test USD 0.80. If not, it could recover to USD 0.880.
Other altcoins market today
Many altcoins are down over 6%, including ICX, AAVE, STX, ATOM, BAT, AUDIO, RVN, XTZ, AVAX, and 1INCH. Out of these, ICX declined 15% and traded below the USD 1.55 level.
To sum up, the bitcoin price is showing bearish signs below the USD 48,500 level. If BTC extends decline, there is a risk of a move to USD 45,500.
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(Updated at 15:01 UTC with a comment from Joe DiPasquale.)