Bitcoin and Ethereum Approach Crucial Juncture, Altcoins Move Lower

 

• Bitcoin price is struggling to stay above the USD 20,000 support.
• Ethereum is nearing USD 1,000, XRP is holding the USD 0.305 support.
• Multiple altcoins are down over 10%.

Bitcoin price struggled to clear the USD 23,000 resistance level and dropped below USD 21,200. It is currently (04:09 UTC) showing bearish signs near USD 20,400 and is down 8% in a day and 32% in a week.

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

Total market capitalization

Bitcoin price

After an upside correction, bitcoin price struggled to surpass the USD 23,000 and USD 23,200 resistance levels. A high was formed near USD 23,000 and the price started a fresh decline below the USD 21,200 level. On the downside, an initial support is near the USD 20,250 level. The next major support is near the USD 20,000 zone, below which the price could decline heavily.

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

Ethereum price

Ethereum price also struggled to clear the USD 1,250 resistance. ETH started a fresh decline below the USD 1,200 and USD 1,150 levels. It is now trading near the USD 1,070 level, with an immediate support at USD 1,040. ETH is down almost 12% in a day and 40% in a week. The next major support is near USD 1,000, below which the bears might aim for another sharp drop.

On the upside, the price is facing resistance near the USD 1,120 level. The next major resistance is near USD 1,150, above which the price could revisit the USD 1,250 level. 

ADA, BNB, SOL, DOGE, and XRP price

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

BNB settled below the USD 220 pivot level. It could continue to move down below the USD 212 level. However, the bulls might still try to protect the USD 200 support zone.

Solana (SOL) trimmed gains and declined over 11%. The price is now approaching the USD 30 level. A downside break below the USD 30 level may perhaps start a stronger decline.

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

XRP price is stable above the USD 0.312 resistance. The price is facing resistance near the USD 0.335 zone. On the downside, the bulls might remain active near USD 0.305 and USD 0.300.

Other altcoins 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 as it dropped 16%, while only XCN is green today, having increased over 2%.

Overall, bitcoin price is showing bearish signs below the USD 21,500 level. If BTC slides below USD 20,000, there is a risk of a sharp decline.

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