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Bitcoin Drops Below USD 33K, Ethereum Slides More, Altcoins Tumble

  • Bitcoin price declined below USD 33,000.
  • Ethereum broke USD 2,400, XRP is down over 7%.
  • ADA and SOL are down around 10%.

Bitcoin price extended its decline below the USD 35,000 support and dropped below USD 33,000. It is currently (11:45 UTC) trading near USD 32,900 and is down over 5% in a day and almost 15% in a week.

Similarly, most major altcoins extended their decrease. ETH moved below USD 2,400 and is down over 7% in a day and almost 16% in a week. XRP settled below USD 0.55 and might test USD 0.52. ADA is down 11% and is approaching the USD 0.65 support.

Total market capitalization

Source: tradingview.comBitcoin price

In the past few sessions, bitcoin price saw a major decline below USD 36,500. It is now moving lower and remains at a risk of more losses below USD 33,000. The next major support is near USD 32,500, below which the price might even test USD 32,000.

On the upside, an immediate resistance is near the USD 33,800 level. The next key resistance is now forming near the USD 34,500 level, above which it could test USD 35,500.

Ethereum price

Ethereum price also followed a similar pattern and extended decline below USD 2,500. ETH even traded below USD 2,400. The next major support is near the USD 2,350 level, below which the price might slide toward the USD 2,280 level.

On the upside, the price might face resistance near the USD 2,480 level. The first major resistance is now forming near the USD 2,500 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is accelerating losses below the USD 0.70 level. The price is down 11% and might even test the USD 0.65 level. Any more losses might send the price towards the USD 0.62 level.

BNB is now trading well below the key USD 350 support level and is testing the USD 330 support. If the bears remain in action, there is a risk of a move towards the USD 320 level.

Solana (SOL) gained bearish momentum below the USD 80 level and is down almost 10% in a day. It is now approaching the USD 70 level. A downside break below USD 70 might open the doors for a test of USD 65 or even USD 62.

DOGE broke the key USD 0.120 support zone. It is now approaching the USD 0.115 level. The next major support is near USD 0.110, where the bulls may perhaps take a stand.

XRP price traded further lower below the USD 0.55 support level. It seems like the price might soon test the USD 0.52 support. The next major support is near USD 0.50.

Other altcoins market today

Many altcoins are down over 5%, including LUNA, AVAX, DOT, SHIB, MATIC, CRO, BCH, ALGO, LINK, ATOM, XLM, APE, and VET. Out of these, ALGO dropped almost 14% and is the worst performer among the top 100 cryptoassets by market capitalization today. Meanwhile, XCN jumped 10%, surpassing USD 0.083 and becoming the best performer today.

To sum up, bitcoin price is accelerating lower below USD 34,000. It seems like BTC could continue to move down towards the USD 32,000 support zone in the near term.

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Find the best price to buy/sell cryptocurrency: Total market capitalization

Source: https://cryptonews.com/news/bitcoin-drops-below-usd-33k-ethereum-slides-more-altcoins-tumble.htm

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