Bitcoin price started a steady decline from the USD 48,000 resistance. BTC traded below the support levels of $ 46,500 and $ 45,500. It is currently (04:00 UTC) down over 3% and could continue to trend towards USD 44,200.
Likewise, most large altcoins correct profits. ETH traded under the support of $ 3,110 and even rose below $ 3,000. XRP failed to stay above $ 1.20 and tested the $ 1.05 support. In addition, DOT and SOL also corrected yesterday’s profits.
Total market capitalization
Bitcoin price extended its downward correction after closing below $ 46,500. BTC corrected down below $ 45,500 and $ 45,000. It even broke the $ 44,500 support level and tested $ 44,200. The bulls have been active near $ 44,200 but the price is now struggling to recover.
The first major resistance is near the $ 45,500 level. The main resistance is now forming near the $ 46,500 level, above which the price could hit $ 48,000 again. Initial downside support is at $ 44,500, below which the price could hit $ 44,200 again.
Ethereum price also followed a similar pattern, falling below the USD 3,110 support zone. ETH is down 5% and even rose below the USD 3,000 support. The price tested $ 2,950 and is now trying to recover. To get into a positive zone, the price must cross the USD 3,110 resistance.
If not, there is a risk of further downward movement below the USD 3,000 support. The next major support is near $ 2,950, followed by the $ 2,880 pivot level.
ADA, LTC, DOGE and XRP prices
Cardano (ADA) fell sharply below the $ 2.12 and $ 2.05 support levels. It even broke the $ 2.00 support and tested $ 1.88. The price has fallen over 8% and is having a hard time recovering above $ 2.00. The key resistance is now forming near the USD 2.12 level.
Litecoin (LTC) was rejected near the USD 188 level. As a result, there was a bearish reaction below the USD 175 support. The price even broke through $ 170 and tested $ 162. If there are further losses, the bears could aim for a test of the USD 155 support zone in the short term.
Dogecoin (DOGE) cut its gains the most, breaking the USD 0.320 support. The price is even struggling to stay above $ 0.300. It looks like the price could continue moving towards $ 0.280. The next big support is near $ 0.265 which is where the bulls may appear.
The XRP price is down 8% and was trading below the USD 1.15 support. It even tested the $ 1.05 level and is now consolidating the losses. To start another spike, the price must cross the $ 1.15 and $ 1.20 resistance levels.
Different Altcoins Market Today
Many altcoins are down over 10%, including AUDIO, THETA, KSM, UNI, SHIB, ONE, HOT, SC, AAVE and DOT. Of these, AUDIO is down over 20% and traded below the $ 2.80 level.
Overall, Bitcoin price corrects gains below the USD 46,500 and USD 45,500 support levels. If BTC extends its decline below $ 44,200, it could hit $ 42,000 again.
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