Bitcoin Testing USD 60K, Ethereum and Altcoins Trying to Recover

  • Bitcoin price is down 8%, and it traded below USD 60,000, before recovering.
  • Ethereum and XRP declined around 10%.
  • RUNE, CRO, GRT, and NEAR are down over 15%.

Bitcoin price started a strong decline below the USD 62,000 support level. BTC even traded below USD 60,000 to move further into a bearish zone. It is currently (11:20 UTC) trying to recover and is nearing USD 60,300.

Similarly, most major altcoins are also trying to recover losses. ETH declined below the key USD 4,200 support zone, before returning above this level again. XRP is down almost 10% and it could even trade below USD 1.00. ADA is accelerating lower towards the USD 1.72 level.

Total market capitalization
 

Source: tradingview.com

Bitcoin price

After a clear break below USD 65,000, bitcoin price extended decline. BTC traded below the USD 62,000 support level to enter a short-term bearish zone and declined below USD 60,000. If the bears remain in action, the price could slide towards the USD 58,000 level. The next key support is near the USD 57,500 level. 

On the upside, the USD 61,200 level is an initial hurdle. The next key resistance is forming near the USD 62,500 level, above which the price could start a steady increase.

Ethereum price

Ethereum price also followed bitcoin and declined over 10%. ETH traded below the USD 4,250 and USD 4,200 support level. The next major support is at USD 4,000. A downside break below USD 4,000 could accelerate losses towards USD 3,800 in the near term.

Conversely, ETH might start a recovery wave above the USD 4,250 level. The next major resistance is near the USD 4,320 level, above which the price could rise towards USD 4,500.

ADA, BNB, SHIB, SOL, and XRP price

Cardano (ADA) settled below the USD 2.00 support. ADA even traded below the USD 1.92 and USD 1.90 support levels. If there is a close below USD 1.80, the price may perhaps drop towards the USD 1.72 level in the near term.

Binance coin (BNB) settled below the key USD 600 support. The price was approaching the USD 575 support but is now trying to reach USD 600 again.

SHIB declined below the USD 0.0000500 support zone. It is down 7% and approaching the USD 0.0000475 level. The next major support is near USD 0.0000450, below which the price could dive towards USD 0.000040.

Solana (SOL) failed to stay above the USD 232 support zone. It is moving lower and trading below USD 220. If there are additional losses, the bears might test the USD 205 and USD 200 support levels.

XRP price started a fresh decline below the USD 1.12 and USD 1.10 support levels. The next key support is near USD 1.05. Any more losses may perhaps lead the price towards the main support at USD 1.00.

Other altcoins market today

Many altcoins are down over 10%, including GRT, KCS, NEAR, RUNE, KDA, AR, VET, CRV, FTM, LRC, MINA, OMG, CHZ, ALGO, CRO, and ENJ. Out of these, NEAR declined almost 17% and traded below USD 10.00.

To sum up, bitcoin price is struggling below USD 62,000. If BTC settles below USD 60,000, there is a risk of a larger decline in the coming sessions. The next major support is at USD 57,500.

Source

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