Bitcoin and Ethereum Struggle to Recover Further, Altcoins Dip

  • Bitcoin price is struggling to stay above USD 20,000.
  • Ethereum could revisit USD 1,000, XRP is struggling below USD 0.35.
  • ADA and SOL are down 6%.

Bitcoin price failed to stay above the USD 21,200 resistance zone and corrected below the USD 20,500 level. It is currently (12:48 PM UTC) trading near USD 20,200 and is down 4% in a day and almost 8% in a week.

Similarly, most major altcoins are also moving lower. ETH declined below USD 1,120 and might even retest USD 1,000. XRP is stuck near USD 0.320. ADA is down 6% and approaching the USD 0.45 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a rejection above USD 21,500, bitcoin price slipped below USD 21,200. BTC even declined below the USD 20,500 support zone to enter a negative zone. On the downside, an initial support is near the USD 20,000 level. The next major support is near the USD 19,500 zone. A close below the USD 19,500 level could restart the downtrend and the price might slide towards USD 18,500.

On the upside, an immediate resistance is near the USD 21,000 zone. The main pivot zone is now near USD 21,200 and USD 21,500, above which the price could start a steady increase.

Ethereum price

Ethereum price also failed to stay above the USD 1,150 resistance zone. ETH traded lower and declined below the USD 1,100 level. The bulls are now protecting the USD 1,050 support zone. If there are additional losses, the price could revisit USD 1,000. The next major support is near USD 935. ETH is down 6% in a day and almost 10% in a week.

On the upside, the price is facing resistance near the USD 1,132 level. The next major resistance is near USD 1,150, above which the price could rise to USD 1,200.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) started a fresh decline below the USD 0.48 support zone. It even moved below the USD 0.465 level. It seems like the bears are aiming for a test of the USD 0.45 support.

BNB started a fresh decline below the USD 220 level. The price tested the USD 212 support level. If the bears remain in action, there is a risk of a move towards the USD 200 support zone.

Solana (SOL) trimmed gains from the USD 40 zone. The price is now consolidating gains near the USD 35 level. If there is a downside break below the USD 35 level, the price might slide towards USD 32.

DOGE is stuck near the USD 0.0620 zone. An immediate resistance is near the USD 0.065 level, above which the price could rise towards USD 0.070. If not, the price may perhaps slide below USD 0.060.

XRP price is stuck near the USD 0.32 zone. If the bulls fail to push the price above USD 0.35, there could be a stronger bearish reaction. Conversely, the price could move towards USD 0.40.

Other altcoins market today

Many altcoins are down over 5%, including DOT, AVAX, MATIC, LINK, NEAR, ETC, XMR, VET, MANA, EGLD, and APE. Out of these, CEL is down over 15% and trading near the USD 1 level. Meanwhile, UNI and WAVES are up 11%.

To sum up, bitcoin price is struggling to recover further above USD 21,200. If BTC slides below USD 20,000, there could be a fresh bearish wave.

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