Bitcoin has fluctuated between $23,400 and $22,800 in the last 24 hours and continued to decline, with BTC falling 2% in one day, up 7% in a week. Similarly, most of the major altcoins are falling. ETH is down around 7% and it made a move below $1,600. XRP struggled to stay above the $0.370 level and ADA broke the $0.50 support zone.
Bitcoin price broke the $23,500 support zone after a bearish reaction and entered the bearish zone. The next major support on the downside is near the $22,500 area, below which the price could decline sharply in the coming sessions. There is a strong resistance near the $23,500 level on the upside. The next major resistance could be $23,750 above which the price could attempt a fresh increase.
Ethereum price gained bearish momentum and settled below the $1,600 level. ETH is trading around $1,580 and is down about 7% in one day, up 9% in a week. An initial support on the downside is near the $1,550 level. The next major support is near the $1,500 zone, below which the price could gain bearish momentum. On the upside, the price might face a stronger resistance near $1,650. The next key resistance is near the $1,680 level, above which the price could revisit $1,750.
Many altcoins fell more than 5%, including DOT, MATIC, AVAX, ETC, LINK, BCH, FIL, ICP, APE, AAVE, EOS and HNT. Apart from these, FIL, which decreased by 30% to below $ 8.00 and increased its weekly losses to 50%, showed the worst performance among the top 100 cryptocurrencies by market value today. Meanwhile, CHZ is up 22%, surpassing $0.15, taking its weekly gains to 51%. EVMOS showed the best performance, up 44% in one day, but dropped 18% in the past hours.
Solana (SOL) is down 6% as the bears pushed the price below the $42 support. The price is currently consolidating near the $40 support, below which there is a risk of a drop towards $38. Cardano (ADA) started a fresh decline from the $0.55 resistance zone. It made a clear move below the $0.52 support zone. The bulls failed to hold the main support at $0.50 and the price moved closer to $0.49. DOGE is down 5% and traded below the $0.068 level. It could soon test the $0.0650 support zone. Any further losses could push the price into the bearish zone. BNB is falling and it made a move below the $280 support zone. The next major support is near $272, below which the bears could test $265.