Bitcoin News

Altcoins turn red as Bitcoin and Ethereum’s downward trend continues

Bitcoin’s price was unable to maintain an upward trend over USD 21,000 per coin. BTC began a new downtrend and traded under USD 20,000. It is currently (04:00 UTC) trading with a negative angle well below USD 20,000.

The majority of the main altcoins are also trading in the negative territory. ETH dropped below the support levels of USD 1,550 and USD 1,500. XRP fell below the USD 0.335 support level and tested it. The ADA is getting close to the USD 0.42 support.

Bitcoin Market Update 

After failing to overcome the USD 21,500 resistance, the price of bitcoin declined. A clear move below the USD 21,000 support was made. Price proceeded to fall once more, trading as low as the USD 20,000 support. 

It tried to break through the USD 19,500 area and is now consolidating losses. Initial support on the downside is currently located close to the USD 19,500 mark. The price might potentially test $8,000 below the next important support, which is located close to the USD 18,800 region.

The price is meeting resistance near the USD 19,850 mark on the upswing. The price may start a comeback wave over the first significant barrier, which is now located close to USD 20,000.

Ethereum Price Update

Below the USD 1,650 support region, the price of ethereum began to trend downward as well. Even the support levels of USD 1,550 and USD 1,500 were breached by ETH. It tested the USD 1,420 area and is still vulnerable to further losses. The price may possibly test the USD 1,340 level if it falls below the next significant support level of USD 1,400.

An immediate resistance on the upswing is located close to the $1,500 mark. Near the USD 1,550 mark is the next significant barrier, above which the price may increase toward the USD 1,650 resistance region.

Altcoins Follow Suit

DOT, MATIC, AVAX, SHIB, TRX, UNI, ETC, CRO, ATOM, NEAR, FLOW, FIL, and EOS are among the altcoins that are in the red zone. AVAX is the only one of these to have decreased by 10%, and it has moved below the USD 18.50 mark. While LTC is holding the USD 50 support, XEC has increased by about 50%.

The price of bitcoin generally fluctuated below the USD 20,000 support level. BTC may potentially go as low as USD 18,000 if it continues below USD 20,000 for an extended period of time.

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