Bitcoin price began a new decline from a high of over USD 51,000. BTC has settled below USD 50,000 and is exhibiting bearish characteristics. It is currently trading near USD 49,00 (15:17 UTC), and there is a risk of a sharper decline.
Similarly, the majority of major altcoins are losing ground. ETH has fallen below USD 3,920, and the next significant support level is near USD 3,850. XRP is trading below USD 0.90, and bears are targeting USD 0.880. The ADA currency pair is consolidating near the USD 1.50 level.
Bitcoin price broke through the USD 50,000 support level following another bearish reaction. Bitcoin has even fallen below USD 49,200 and is down nearly 5% in a single day. If the bears maintain their position, the price may even fall below USD 48,800. The next significant support level is near USD 48,500, below which a move towards the USD 47,500 level is possible.
Also, if a new increase occurs, the price may encounter resistance near the USD 49,800 level. Moreover, the next level of resistance is near USD 50,000, above which the price may begin a steady rise.
Ethereum exchange rate
Ethereum’s price has also fallen nearly 5% and is gaining bearish momentum below USD 3,950 and USD 3,920. ETH is likely to test the USD 3,880 support level in the near future. If there are additional losses, the price may fall to the USD 3,750 level.
On the upside, resistance is located near USD 3,980. The next significant resistance level is near USD 4,000, above which bulls may aim for a steady increase.
Price of ADA, BNB, SOL, DOGE, and XRP
Cardano (ADA) is battling to maintain a price above USD 1.50. If the price closes below USD 1.50 on a daily basis, the price may fall further. The next significant support level is near USD 1.45, and a break below that level could result in a test of USD 1.42.
Binance coin (BNB) traded below support levels of USD 555 and USD 550. Near the USD 532 level, there is immediate support. Any additional losses in the near term could push the price towards the USD 525 level.
Solana (SOL) has fallen nearly 8% and is trading below the USD 190 level. The next significant support level is near USD 185. A break below USD 185 on the downside could pave the way for a move towards the USD 172 level.
DOGE is attempting to reclaim the USD 0.178 level. The bulls, however, are encountering resistance near USD 0.180 and USD 0.182. The primary resistance level for bulls is near the USD 0.192 level.
Also, the XRP price is down nearly 6%, with a clean break below the USD 0.90 level. Moreover, consolidation is taking place near the USD 0.880 level. If the bears maintain their position, the price could fall as low as USD 0.82.
Today’s market for Bitcoin alternative cryptocurrencies
Numerous altcoins, including KDA, YFI, ONE, MINA, AR, CRV, DOT, HNT, GRT, COMP, DASH, and LINK, are down more than 10%. KDA fell 13% and traded below the USD 15 level, while YFI fell to USD 30,100.
To summarize, bitcoin’s price is battling to maintain a level above USD 49,000. Moreover, if BTC fails to recover above USD 50,000 in the near future, the price may fall as low as USD 48,000.