Cryptonews Bitcoin News

Bitcoin Price and Ethereum Consolidate, Recovery Could Be Capped

Author

Aayush Jindal

Author

Aayush Jindal

Author Profile

Last updated:

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Bitcoin price extended losses to $18,250 before it corrected higher.
Ethereum is consolidating above $1,300, XRP might revisit the $0.365 resistance.
BNX and HNT are trading in the green zone.

Bitcoin price remained in a bearish zone below the $19,000 level. BTC is currently (11:00 UTC) consolidating near the $18,500 level. A short-term recovery wave could face resistance near the $18,865 and $19,000 levels.

Similarly, most major altcoins might face resistance if there is a recovery wave. ETH is now consolidating losses near the $1,300 level. XRP is again attempting a fresh increase to $0.365. ADA is stuck near the $0.435 level.

Bitcoin price

After a bearish close below $19,000 and the 50-hour simple moving average, bitcoin price extended losses. BTC followed a bearish path and even traded below the $18,500 support. It tested the $18,250 level and recently started a minor upside correction.

There was a move above the $18,500 and $18,600 levels. On the upside, the price is facing resistance near $18,865. The next major resistance is now near the $19,050 level and a connecting bearish trend line on the hourly chart.

On the downside, the price might find support near $18,380. The next major support is near the $18,250 zone, below which the price could test the $18,000 support zone.

Ethereum price

Ethereum price started a major decline below the $1,400 level and the 50-hour simple moving average. The price even spiked below the $1,300 level before the bulls took a stand.

The price is now consolidating above the $1,300 level. The next major support is $1,275, below which price could test $1,220.

On the upside, an immediate resistance is near the $1,325 level. The next major resistance is now forming near the $1,350 level and a bearish trend line on the hourly chart.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) settled below the $0.45 level. It is now consolidating near the $0.435 level and might decline towards the $0.42 support.

BNB is trading below the $265 support zone. If there are more losses, the price might test the $250 support. If not, it might recover above the $265 level in the near term.

Solana (SOL) remained well bid above the $30.00 support. The price might start a recovery wave, but the bears may perhaps remain active near the $32.50 resistance level.

DOGE is slowly moving lower towards the $0.0550 level. Any more losses might send the price towards the $0.0535 level. The main support sits near the $0.0500 level.

XRP price is attempting a recovery wave above the $0.35 level. If there is a clear move, the price may perhaps test the $0.365 resistance. The next major resistance is near $0.395.

Other altcoins market today

Many altcoins are down over 8%, including ETC, EOS, CRV, CEL, KSM, LDO, WAVES, LINK, RVN, AR, SNX, DOT, and FTM. Conversely, BNX is up over 5% and gaining pace above the $150 level.

To sum up, bitcoin price is consolidating above the $18,500 level. If BTC recovers, it could face resistance near the $19,000 and $19,050 levels in the short-term.

_____