12 Jul 2022 · 2 min read

Bitcoin Tests USD 20K, Ethereum Slides, Altcoins in Red

 

  • Bitcoin erased its weekly gains and turned red.
  • Ethereum declined below USD 1,100, XRP might test USD 0.302.
  • DOGE and SOL are down 6%.

Bitcoin price remained in a bearish zone below the USD 20,500 level and declined below the USD 20,000 support zone. It is currently (04:03 UTC) consolidating near USD 19,950 and is down 3% in a day and almost 2% in a week.

Similarly, most major altcoins also moved lower. ETH traded below the USD 1,120 support zone. XRP is moving lower towards USD 0.302. ADA settled below USD 0.45 and is showing bearish signs.

Total market capitalization

Source: Coincodex

Bitcoin price

After a clear move below the USD 21,200 support, bitcoin price extended its losses below the USD 20,000 level to move into a bearish zone. The next major support is near the USD 19,500 zone, below which the price could start a stronger downward move.

On the upside, the price could face resistance near the USD 20,500 level. The next major resistance might be USD 20,800, above which bitcoin could rise towards the USD 21,200 barrier.

Ethereum price

Ethereum price extended losses below the USD 1,120 support, moved below USD 1,100 and tested USD 1,080. ETH is down 6% in a day and a week. The next major support is near USD 1,050, below which the price could revisit the USD 1,000 support zone.

On the upside, the price might face resistance near USD 1,120. The next major resistance is at USD 1,150, above which the price could recover towards the USD 1,200 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) declined below the USD 0.45 support zone and is now approaching the USD 0.432 support. Any more losses might send the price towards the USD 0.42 level.

BNB is moving lower below the USD 230 level. The next major support is near the USD 220 level, below which there is a risk of a move towards the USD 200 level. On the upside, the USD 235 level presents resistance.

Solana (SOL) is down 6% and trading below the USD 35 level. An immediate support is near the USD 33.20 level. If there is a break below the USD 33.20 level, the price might continue to move down towards the USD 32 level.

DOGE is gaining momentum below the USD 0.065 level. It is down 6% and approaching the USD 0.0620 support. The next key support is near USD 0.0600, below which the bears might aim for a move towards USD 0.0585 in the near term.

XRP price moved below the USD 0.32 support zone. It is now moving lower towards the USD 0.302 support. Any more losses might call for a move towards USD 0.288.

Other altcoins market today

Many altcoins are in the red zone, including DOT, TRX, SHIB, LEO, AVAX, UNI, LTC, CRO, NEAR, ETC, BCH, FLOW, and APE. Out of these, UNI is down almost 11% and is trading below the USD 5.60 level. LRC and MATIC are the best performers among the top 100 cryptoassets by market capitalization today as they both jumped around 4%.

Overall, bitcoin price is moving lower below the USD 20,200 level. If BTC fails to stay above the USD 19,500 support, it could decline heavily in the coming sessions.

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