Bitcoin and Ethereum Resume Downtrend, Altcoins Turn Red

  • Bitcoin price traded below the USD 20,000 support zone.
  • Ethereum broke the USD 1,500 support, XRP tested USD 0.32.
  • XEC rallied nearly 50%, and LTC is holding the USD 50 support.

Bitcoin price failed to stay in a positive zone above USD 21,000. BTC started a fresh decline and traded below USD 20,000. It is currently (04:00 UTC) trading well below USD 20,000 with a bearish angle.

Similarly, most major altcoins are trading in the red zone. ETH traded below the USD 1,550 and USD 1,500 support levels. XRP declined below USD 0.335 and tested the USD 0.32 support. ADA is approaching the USD 0.42 support.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After struggling to clear the USD 21,500 resistance, the bitcoin price reacted to the downside. There was a clear move below the USD 21,000 support. The price started a fresh decline and even traded below the USD 20,000 support. It tested the USD 19,500 zone and is currently consolidating losses. On the downside, initial support is now near the USD 19,500 level. The next key support sits near the USD 18,800 zone, below which the price could even test USD 18,000.

On the upside, the price is facing resistance near the USD 19,850 level. The first major resistance is now near USD 20,000, above which the price might start a recovery wave.

Ethereum price

Ethereum price also gained bearish momentum below the USD 1,650 support zone. ETH even declined below the USD 1,550 and USD 1,500 support levels. It tested the USD 1,420 zone and remains at a risk of more losses. The next major support is USD 1,400, below which price could even test the USD 1,340 level.

On the upside, an immediate resistance is near the USD 1,500 level. The next key resistance is near the USD 1,550 level, above which the price could rise towards the USD 1,650 resistance zone. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down nearly 5% and is approaching the USD 0.42 support. If there are more losses, the price may test the USD 0.40 support zone.

BNB declined sharply below USD 288 and tested the USD 275 support zone. If the bears remain in action, there could be a move towards the USD 262 support.

Solana (SOL) accelerated lower below the USD 33.50 support. It even broke the USD 32 support and tested the USD 30 level. If there is a downside break, the price might even test USD 28.

DOGE declined heavily below the USD 0.0665 level. It even broke the USD 0.062 level and tested the USD 0.060 zone. Any more losses might call for a test of the USD 0.058 level.

XRP price is down over 4%, and there was a test of the USD 0.32 support. If there are more losses, the price might test the USD 0.30 zone.

Other altcoins market today

Many altcoins are in the red zone, including DOT, MATIC, AVAX, SHIB, TRX, UNI, ETC, CRO, ATOM, NEAR, FLOW, FIL, and EOS. Out of these, AVAX is down 10%, and there was a move below the USD 18.50 level. Meanwhile, XEC rallied nearly 50%, and LTC is holding the USD 50 support.

Overall, the bitcoin price traded below the USD 20,000 support zone. If BTC stays below USD 20,000 for a long time, it could even dive towards the USD 18,000 level.

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