Bitcoin and Ethereum Extend Decline, BTT and MIOTA Rally
- Bitcoin price extended decline below USD 48,500.
- Ethereum tested USD 3,800, XRP dropped to USD 0.85.
- BTT and MIOTA gained over 12%.
Bitcoin price remained in a bearish zone below the USD 50,000 level. BTC extended decline below the USD 47,500 level before recovering higher. It is currently (04:19 UTC) trading near USD 48,000 and remains at a risk of more downsides.
Similarly, most major altcoins gained bearish momentum. ETH traded below the USD 3,800, while XRP tested USD 0.850. ADA extended decline and spiked below USD 1.40 before recovering.
Total market capitalization
After a close below USD 50,000, bitcoin price extended decline. BTC broke the USD 48,500 support to move further into a bearish zone. The price even tested USD 47,400 and is currently consolidating losses. On the downside, an initial support is near the USD 47,400 level. The next major support is near USD 47,000, below which the price could dive to USD 45,500.
On the upside, the price might face resistance near the USD 48,800 level. The next resistance is near the USD 49,200 zone, above which the price could revisit USD 50,000.
Ethereum price also followed a similar pattern and extended decline below USD 3,920. ETH even broke the USD 3,850 support level. The next key support is near the USD 3,800 level, below which the price might dive to USD 3,680.
On the upside, the price could struggle near USD 3,880. The next key resistance is near the USD 3,920 level, above which the price could test USD 4,000.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained pace below the USD 1.45 support level. It even spiked below USD 1.40 before recovering higher. If the bulls gain strength, there could be a move towards the USD 1.48 level.
Binance coin (BNB) tested the USD 525 support level before correcting higher. The price is now consolidating near USD 540. The main hurdle on the upside is near the USD 550 level, above which the price could accelerate in the near term.
Solana (SOL) declined 4% and there was a clear move below the USD 185 level. It even traded below USD 180. The next major support is near the USD 172 level. Any more losses might send the price towards the USD 165 level.
DOGE tested the USD 0.172 support zone. The price is correcting losses and approaching the USD 0.180 level. A close above USD 0.180 is a must for a move towards the USD 0.188 level. If not, it could revisit USD 0.172.
XRP price settled below the USD 0.90 pivot level. The price even tested the USD 0.850 level. If the bears remain in action, XRP could test USD 0.820. If there is a fresh increase, it could test the USD 0.90 resistance.
Other altcoins market today
Many altcoins are down over 6%, including ICX, ZEC, AAVE, KSM, XTZ, RVN, LINK, TFUEL, IOTX, AUDIO, STX, AR, and COMP. Meanwhile, MIOTA jumped 15%, reaching the USD 1.50 level and increasing its weekly gains to almost 14%. BTT hit USD 0.0030, after rallying 12% in a day and a week.
Overall, bitcoin price is consolidating above the USD 47,200 level. If BTC fails to stay above USD 47,200, it could slide further towards the USD 45,500 level.