28 Dec 2021 · 2 min read

Bitcoin and Ethereum Turn Red, Altcoins Extend Losses

 

  • Bitcoin is still trading below the USD 50,000 pivot level.
  • Ethereum struggles to reach USD 4,000, XRP might extend losses below USD 0.88.
  • YFI and KDA are down around 12%.

Bitcoin price started a fresh decline from well above USD 51,000. BTC settled below USD 50,000 and showing bearish signs. It is currently (15:17 UTC) trading near USD USD 49,00 and there is a risk of a sharper decline.

Similarly, most major altcoins are gaining bearish momentum. ETH traded below USD 3,920 and the next major support is near USD 3,850. XRP is trading below USD 0.90, and the bears are aiming for a move below USD 0.880. ADA is consolidating near the USD 1.50 zone.

Total market capitalization

Source: tradingview.com

 

Bitcoin price

After another bearish reaction, bitcoin price broke the USD 50,000 support level. BTC even traded below USD 49,200 and is down almost 5% in a day. If the bears remain in action, the price could even decline below USD 48,800. The next major support is near USD 48,500, below which there is a risk of a move towards the USD 47,500 level.

If there is a fresh increase, the price might face resistance near the USD 49,800 level. The next resistance is near the USD 50,000 zone, above which the price could start a steady increase.

Ethereum price

Ethereum price dropped almost 5% too and is gaining bearish momentum below the USD 3,950 and USD 3,920 levels. ETH may soon test the USD 3,880 support level. If there are more losses, the price could dive towards the USD 3,750 level.

On the upside, the price is facing resistance near USD 3,980. The next key resistance is near the USD 4,000 level, above which the bulls might aim a steady increase. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is struggling to stay above the USD 1.50 level. If there is a daily close below USD 1.50, the price could decline further. The next major support is near USD 1.45, below which the price could test USD 1.42.

Binance coin (BNB) traded below the USD 555 and USD 550 support levels. An immediate support is near the USD 532 level. Any more losses could send the price towards the USD 525 level in the near term.

Solana (SOL) is down almost 8% and trading below the USD 190 level. The next major support is near USD 185. A downside break below USD 185 might open the doors for a move towards the USD 172 level.

DOGE is trying to recover above USD 0.178. However, the bulls are facing resistance near USD 0.180 and USD 0.182. The main barrier for the bulls is near the USD 0.192 level.

XRP price is down almost 6% and there was a clean break below the USD 0.90 level. The price is consolidating near the USD 0.880 level. If the bears remain in action, the price could decline towards the USD 0.82 level.

Other altcoins market today

Many altcoins are down over 10%, including KDA, YFI, ONE, MINA, AR, CRV, DOT, HNT, GRT, COMP, DASH, and LINK. Out of these, KDA declined 12% and traded below the USD 15 level, while YFI dropped to USD 30,100.

To sum up, bitcoin price is struggling to stay above USD 49,000. If BTC fails to recover above USD 50,000 soon, the price could decline towards USD 48,000.

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