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Bitcoin and Ethereum Take Hit, Altcoins Tumble

  • Bitcoin price declined 7% and traded below USD 22,000.
  • Ethereum tested the USD 1,720 support zone, XRP broke the USD 0.350 support.
  • SOL, DOGE, and ADA are down over 12%.

Bitcoin price started a major decline below the USD 23,000 level. BTC traded below the USD 22,500 and USD 22,000 support levels. It is currently (11:20 UTC) down over 7% and trading well below USD 22,000.

Similarly, most major altcoins are down heavily. ETH traded below the USD 1,750 support level. XRP failed to stay above the key USD 0.35 support zone. ADA declined sharply below the USD 0.50 and USD 0.48 support levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a bearish move below the USD 23,200 support, the bitcoin price started a major decline. BTC declined sharply below the USD 22,500 and USD 22,000 support levels. It even spiked below USD 21,500 before the bulls appeared. An immediate support is near the USD 21,250 level. The next major support is near the USD 21,000 zone, below which the price could even test USD 20,500.

On the upside, the price might face resistance near the USD 22,000 level. The next resistance is near the USD 22,500 level, above which the price might start a recovery wave.

Ethereum price

Ethereum price declined heavily below the USD 1,800 support zone. ETH even traded below the USD 1,750 support and tested USD 1,720. It is now struggling to recover and might extend losses below the USD 1,720 level. The next major support is USD 1,650, below which price could even test the USD 1,550 level.

On the upside, the price could face resistance near the USD 1,780 level. The next key resistance is near the USD 1,800 level, above which the price could start a recovery wave.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) accelerated lower below the USD 0.50 support zone. The price declined over 12%, and there was a move below the USD 0.48 support. The next major support sits at USD 0.45.

BNB is down over 8%, and there was a move below the USD 288 support. On the downside, the next major support sits at USD 275, below which the price might test USD 262.

Solana (SOL) is down over 12%, and there was a clear break below the USD 38 support. The price is now approaching the USD 35.50 level, below which it could even test USD 33.50.

DOGE is down 14%, and there was a sharp move below USD 0.0720. It is now trading below USD 0.0700 and is approaching the USD 0.0688 support, below which it may perhaps test USD 0.0665.

XRP price broke the key USD 0.35 support zone. If there are more losses, the price may perhaps test the USD 0.335 support zone in the near term.

Other altcoins market today

Many altcoins are down over 10%, including DOT, SHIB, AVAX, MATIC, UNI, ETC, LTC, NEAR, LINK, CRO, ATOM, XLM, and FLOW. Out of these, FLOW declined 16% and traded below the USD 2.30 level.

To sum up, the bitcoin price is accelerating lower below the USD 22,000 level. BTC might correct higher in the short-term, but upsides might be limited above USD 22,500.

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