Bitcoin and Other Altcoins are Expecting Bearish Momentum

Cryptocurrency market can be seen bearish in the upcoming future

  • Bitcoin dropped below USD 23,000.
  • Ethereum moved below USD 1,700, XRP might retest USD 0.35.
  • ADA and SOL are down at least 5%.

Bitcoin price started to drop below the $23,500 support area and broke below the $23,000 level. It is currently trading (04:03 UTC) at close to $22,900 and is down more than 4% in a day and almost 1% in a week. 

Similarly, most of the major altcoins are gaining bearish momentum. ETH is down 6% and trading below $1,700. XRP could continue to drop to the $0.35 support. ADA might drop below the $0.50 level. 

Bitcoin Price

After dipping below $23,200, the Bitcoin price gained bearish momentum and traded below $23,000. On the downside,  immediate support is seen at $22,650. The next major support is near the $22,500 area, below which the price could accelerate lower. In this case, the price can drop to $21,500. 

Bitcoin Price Today
Image Source: CoinMarketCap

On the upside, there is initial resistance near the $23,200 level. The next major resistance is now forming near the $23,500 level, above which the bulls can pick up some upside momentum. 

Ethereum Price

Ethereum's price started a further drop below the $1,720 support and approached $1,670. ETH is down 6% in a day and up 2% in a week. On the downside, initial support is near the $1,650 level. The next major support is near the $1625 area, below which the price can drop to $1550.

Ethereum Price Today
Image Source: CoinMarketCap

Immediate resistance is near the $1700 level. The next key resistance is near the $1720 level, above There the price could touch $1800. 

Price of ADA, BNB, SOL, DOGE, and XRP

Cardano (ADA) is gaining bearish momentum below the $0.520 level. The price has dropped 5% in a day and is currently approaching $0.50, below which the bears may aim to move towards $0.48 in the near term.

Cardano Price Today
Image Source: CoinMarketCap

BNB is trading below the $320 support. The next major support is near the $312 level, below which the price can accelerate towards $300. 

BNB Price Today
Image Source: CoinMarketCap

Solana (SOL) is down nearly 8% and trading below $40. The price is currently declining to the $38 support. If the bears remain active, a drop toward $36.50 is possible.

Solana Price Today
Image Source: CoinMarketCap

DOGE broke above the critical support of $0.0700. The price might struggle to sustain above the $0.068 support area. If there is a breakdown on the downside, a drop to $0.065 is possible.

Dogecoin Price Today
Image Source: CoinMarketCap

XRP price is declining and trading below the $0.380 resistance. The next major support is near the $0.350 level, below which there is a risk of a stronger downside.

XRP Price Today
Image Source: CoinMarketCap

Another Altcoin Market Today

Many altcoins are gaining bearish momentum, including DOT, MATIC, SHIB, TRX, UNI, LTC, NEAR, LINK, CRO, and XLM. Meanwhile, ALGO is down more than 16% and is the worst performing coin among the top 100 coins today.