Bitcoin Drops Despite New Terra’s BTC Purchase, Ethereum Dives Even More

cryptonews.com:

Bitcoin price spiked below USD 45,000 and is currently (11:30 UTC) consolidating losses near USD 44,900. A close below USD 45,000 might start another decline in the near term. The price is now down almost 4% in a day.

Besides, most major altcoins are trading in the red zone. ETH might gain bearish momentum if it settles below USD 3,300. XRP could accelerate lower if it breaks the USD 0.80 support. ADA is gaining bearish momentum below USD 1.15.

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After a sharp decline, bitcoin price is now trading below the USD 45,000 zone. If there is a downside break and a close below USD 45,000, the price could accelerate lower. The next major support is near USD 44,450, below which the price might test USD 44,000. Any more losses may possibly push the price towards the USD 43,200 support.

On the upside, an initial resistance is near the USD 45,500 level. The first major resistance is near the USD 46,200 level, above which the price could move into the green zone.

BTC corrected lower despite Terra (LUNA) founder Do Kwon saying he bought USD 230 worth of bitcoin today. 

Learn more: Terra’s USD 10B Bitcoin Bet May be Both a Curse and a Blessing 

Ethereum price spiked below the USD 3,300 level before recovering. ETH is now consolidating near USD 3,300 and is down 6% in a day. It seems like the bears might attempt another move below USD 3,300. The next major support is near the USD 3,220 level, below which there is a risk of a move below the USD 3,200 level.

On the upside, the price face resistance near USD 3,380. The first major resistance might be near the USD 3,420 level, above which the price could surge to USD 3,500. 

Cardano (ADA) is down almost 8% and there was a move below the USD 1.12 support. The price is now