Before falling below the USD 20,000 resistance zone, the price of bitcoin had begun a comeback wave above it. BTC even tried to break beyond the USD 20,500 resistance but was unsuccessful. As of 11:27 UTC, it is descending and may return to USD 19,500.
The majority of significant altcoins encountered similar challenges. When compared to USD 1,120, ETH reached its peak. The USD 0.335 resistance was too strong for XRP to overcome. Near USD 0.420, ADA is undergoing consolidation.
After closing above the USD 19,500 mark, the price of bitcoin continued to rise. BTC surpassed the USD 20,000 resistance threshold. Even when it crossed over USD 20,200, there was no upward break. The price began a downward correction when it could not rise beyond USD 20,500. It is once again below 20,000 USD. Initial support is located close to the USD 19,500 level on the downside. Near the USD 19,200 region is the next significant support, below which the price may start to fall again.
The price comes up against barriers near USD 20,200. The next significant barrier may be USD 20,500, above which the cost may begin to rise.
Price Of Ethereum
The price of Ethereum displayed a similar pattern above the USD 1,050 and USD 1,080 resistance levels. Even after it exceeded USD 1,100, it struggled to stay over USD 1,120. Price support could be found near $1,050 on the downside. The price could drop below the support area for USD 1,000 below the next significant support, which is located close to USD 1,020.
The bears may be active near USD 1,100, depending on the upside. After clearing USD 1,120, the price may try to test USD 1,150 as the next significant resistance level.
Cardano (ADA) failed to begin a gain above USD 0.435 in the price of ADA, BNB, SOL, DOGE, and XRP. The price is currently settling towards the USD 0.42 level, below which it might attempt the USD 0.402 level.
BNB did not overcome the USD 235 resistance level. It is currently declining and trading below USD 230. The next significant support is close to the USD 220 level.
Solana (SOL) was unable to strengthen beyond USD 35. Currently, the price is descending and getting closer to the support level of USD 33. After that, the primary support is near USD 32.
DOGE found it challenging to overcome the USD 0.0620 resistance. The price has fallen again to below USD 0.060. The price may test the USD 0.058 level if the bears exert pressure.
The price of XRP is descending toward USD 0.312. Near USD 0.302 is where the next significant support is located, below which a sudden collapse is possible.
Today’s Market For Altcoins
Numerous altcoins, including TRX, SHIB, FTT, CRO, ALGO, ETC, ICP, SAND, FLOW, MANA, APE, and FIL, are displaying bearish characteristics. Only MATIC is still trading above the USD 0.60 support among these.
In conclusion, the price of bitcoin is declining below USD 20,000. If BTC fails to maintain a price over USD 19,500, it may begin a sharp slide soon.