Crypto

Bitcoin and Ethereum Approach Crucial Junction, Altcoins Move Lower

  • Bitcoin price is struggling to stay above the $20,000 support.
  • Ethereum is approaching $1,000, XRP is holding the $0.305 support.
  • Multiple altcoins are down more than 10%.

Bitcoin price struggled to break above the $23,000 resistance level and dipped below $21,200. Currently (04:09 UTC) it is showing bearish signs near $20,400 and is down 8% in one day and one 32% in one week.

Similarly, most of the major altcoins are also moving lower. ETH is trading below the key pivot level of $1,150. XRP is consolidating near $0.320. ADA is down 7% and is trading near $0.48.

Total market capitalization

Source: tradingview.com

bitcoin price

After a bullish correction, bitcoin price struggled to break above the $23,000 and $23,200 resistance levels. A top was formed near $23,000 and the price started a fresh decline below the $21,200 level. On the downside, an initial support is near the $20,250 level. The next big support is near the $20,000 zone, below which the price could drop considerably.

On the upside, the first key resistance is near the $21,200 level. The next major resistance is near the $22,000 level, above which the price could revisit $23,000.

ethereum price

Ethereum price also struggled to clear the $1,250 resistance. ETH started a fresh decline below the $1,200 and $1,150 levels. It is now trading near the $1,070 level, with immediate support at $1,040. ETH It has dropped almost 12% in one day and 40% in one week. The next big support is near $1,000, below which the bears could point to another sharp drop.

On the upside, the price is facing resistance near the $1,120 level. The next major resistance is near $1,150, above which the price could go back to the $1,250 level.

Price of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) started a fresh decline below the $0.50 support. The price even traded below the $0.48 level before bouncing back. If the bears continue in action, the price could even test $0.45.

BNB sold off below the pivot level of $220. It could continue to move below the $212 level. However, the bulls could still try to protect the $200 support zone.

Solana (SOL) trimmed gains and declined more than 11%. The price is now approaching the $30 level. A break below the $30 level can perhaps initiate a stronger drop.

DOGE is moving lower towards the $0.0550 support level. The next major support is near the $0.0535 level, below which there is a risk of a move towards the $0.0520 support zone.

XRP price is holding steady above the $0.312 resistance. The price is facing resistance near the $0.335 zone. On the downside, the bulls could remain active near $0.305 and $0.300.

Another altcoin market today

Many altcoins are down over 10% including DOT, AVAX, LTC, MATIC, LINK, UNI, BCH, NEAR, ALGO, ETC, ATOM and FLOW. RUNE is the worst performer among the top 100 coins, having dropped 16%, while only XCN is green today, having risen over 2%.

Overall, bitcoin price is showing bearish signs below the $21,500 level. If BTC drops below $20,000, there is a risk of a sharp drop.

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