Bitcoin struggled to hold above the $30,000 resistance and dipped to the $25,000 level before recovering somewhat. It is currently trading around USD 24,700 and has lost almost 8% in one day and 15% in one week.
Likewise, most of the major altcoins have started a major decline. ETH tested the $1,300 level, XRP traded below $0.35 and tested $0.325. ADA fell sharply and tested the $0.462 level.
Total market capitalization
Bitcoin prices
After breaking down below $29,500, Bitcoin continued its downward trajectory and broke through many important support areas. It tested the $25,000 level before recovering slightly. The next major support lies near the $24,000 area, below which the bears could aim for a move towards the $23,200 level.
On the upside, an immediate resistance can be found near the $26,500 area. The main weekly resistance is now forming near the $28,500 level.
“Cryptocurrencies remain at the mercy of the Federal Reserve and stuck in a merry dance with the Nasdaq and other risky assets. the type of macro environment the crypto sector is facing for the first time – and the degree of fear,” said Antoni Trenchevco-founder and managing partner of the crypto lending firm Nexoto Bloomberg.
Ethereum price
Ethereum price also gained bearish momentum below the $1,750 support. ETH fell 8% and tested the $1,300 level, before rallying towards $1,350. ETH lost 25% in one week. The next major support lies near $1,200, below which the price might even test the $1,000 support.
On the upside, an immediate resistance can be found near the $1,420 level. The next key resistance is near the $1500 level, above which the price could start a stronger wave of recovery.
Prices of ADA, BNB, SOL, DOGE, and XRP
Cardano (ADA) gained bearish momentum below the $0.55 support. The price fell 9% and traded below the $0.50 level. It tested the $0.462 level and remains at risk of further losses.
BNB fell sharply below the $275 and $250 support levels. It has tested the USD 235 level and is currently consolidating its losses. The next major support is seen near the $220 level.
Solana (SOL) fell below the $35 and $32 support levels. It even broke the 30 USD and may continue to fall towards the 25 USD level. The next key support is located at USD 20.
DOGE declined sharply below the $0.0750 support level. It traded below the $0.060 level. An immediate support can be found near the USD 0.0588 level. Key support is now forming near the $0.0550 level.
XRP price is found below the key support zone of $0.35. The price traded near the $0.325 level. If the bears remain in action, XRP could decline towards the $0.30 level.
Other altcoins in the market
Many altcoins are down more than 10%, including AVAX, DOT, MATIC, UNI, LINK, NEAR, FLOW, XTZ, SAND, APE, and THETA. Meanwhile, CEL collapsed 38% in one day after Celsius said it suspended all withdrawals, swaps, and transfers between accounts “due to extreme market conditions.”
“We work with a singular goal: to protect and preserve assets to meet our obligations to clients. Our ultimate goal is to stabilize liquidity and restore withdrawals, Swaps and transfers between accounts as quickly as possible. there is a lot of work to do as we explore different options, this process will take time and there may be delays,” they said.
Overall, Bitcoin price is gaining bearish momentum below USD 26,500. If BTC slips below $25,000, it could even test the $23,200 support zone.
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