Bitcoin and Ethereum Struggle to Recover Further, Altcoins Dip
Bitcoin price failed to stay above the USD 21,200 resistance zone and corrected below the USD 20,500 level. It is currently (12:48 PM UTC) trading near USD 20,200 and is down 4% in a day and almost 8% in a week.
Similarly, most major altcoins are also moving lower. ETH declined below USD 1,120 and might even retest USD 1,000. XRP is stuck near USD 0.320. ADA is down 6% and approaching the USD 0.45 support zone.
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After a rejection above USD 21,500, bitcoin price slipped below USD 21,200. BTC even declined below the USD 20,500 support zone to enter a negative zone. On the downside, an initial support is near the USD 20,000 level. The next major support is near the USD 19,500 zone. A close below the USD 19,500 level could restart the downtrend and the price might slide towards USD 18,500.
On the upside, an immediate resistance is near the USD 21,000 zone. The main pivot zone is now near USD 21,200 and USD 21,500, above which the price could start a steady increase.
Ethereum price also failed to stay above the USD 1,150 resistance zone. ETH traded lower and declined below the USD 1,100 level. The bulls are now protecting the USD 1,050 support zone. If there are additional losses, the price could revisit USD 1,000. The next major support is near USD 935. ETH is down 6% in a day and almost 10% in a week.
On the upside, the price is facing resistance near the USD 1,132 level. The next major resistance is near USD 1,150, above which the price could rise to USD 1,200.
Cardano (ADA) started a fresh decline below the USD 0.48 support zone. It even moved below the USD 0.465 level. It seems like the bears are aiming for a test of the USD 0.45 support.
BNB started a fresh decline below the USD 220 level. The price
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