Bitcoin Price Revisits $20K, Ethereum and SOL Drop To Support
- Bitcoin price declined nearly 10% and retested $20,000.
- Ethereum declined to $1,550, XRP corrected lower and tested $0.331.
- LUNC is up over 8%, and KNC is showing signs of a fresh increase.
Bitcoin price failed to stay above the $22,500 resistance zone. BTC declined nearly 10% and is currently (03:30am UTC) consolidating losses. If the price stays above $20,000, it could start a fresh increase.
Similarly, most major altcoins are declined and tested key supports. ETH declined over 5% and tested the $1,550 support. XRP declined below $0.35 and $0.34. ADA settled below the $0.50 pivot level.
After a steady increase, bitcoin price struggled to stay above the $22,500 level. BTC formed a short-term top and reacted sharply below $22,000. The price declined nearly 5% and traded below the $20,500 support. It tested the $20,000 and is currently consolidating losses. On the upside, the price might struggle near $20,500. The next major resistance is now near the $21,200 level, above which the price could start a fresh increase.
On the downside, an initial support is near the $20,120 level. The next major support is near the $20,000 zone, below which the price could accelerate lower.
Ethereum price also started a downside correction after it failed to test the $1,800 level. ETH declined below the $1,700 and $1,650 levels. It even spiked below $1,600 and tested $1,550. The next major support is $1,500, below which price could revisit $1,420.
If the price starts a fresh increase, it might face resistance near $1,650. The next major resistance is near $1,700, above which the price may perhaps test $1,740.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) struggled to clear the $0.52 resistance zone. There was a sharp decline below the $0.50 and $0.48 levels. If the bears remain in action, the price might test $0.45.
BNB failed to clear the $300 resistance zone. The price declined 5% and traded below the $282 support. Any more losses might send the price towards $272.
Solana (SOL) trimmed most gains and traded below the $35 level. It is down 10% and trading near the $33.50 level. The next major support sits near the $ 32 level.
DOGE failed to test the $0.065 resistance. The price declined below the $0.0612 level. It is now consolidating near $0.0600, below which the bears may perhaps aim $0.0565.
XRP price declined below the $0.35 and $0.34 levels. If there are more losses, the price could slide and test the $0.32 support.
Other altcoins market today
Many altcoins are down over 8%, including HNT, GRT, NEAR, FLOW, XMR, EOS, AVAX, CELO, GNO, GMT, and ATOM. Out of these, HNT is down over 12% and trading below $4.75.
Overall, bitcoin price declined sharply and revisited the $20,000 support. If BTC fails to stay above $20,000, it could spark another sharp decline.
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