Bitcoin’s price has been unable to maintain a favorable trend over USD 50,000. BTC has continued to fall below the USD 48,000 support level. It also tested the USD 46,200 support level, and it is actually struggling to begin a steady recovery.
Similarly, the majority of big altcoins are dropping in value. ETH checked the USD 1,450 zone after breaking the USD 1,500 support.
Following a close below USD 50,000, bitcoin’s price failed to resume its upward trend. As a result, a bearish reaction occurred below USD 49,000 and USD 48,000. It also broke through the USD 47,000 barrier, trading near the USD 46,200 support region. It is currently consolidating above USD 46,200, with a significant support level of around USD 48,000.
There is a chance of further downside if the price does not recover above the USD 48,000 resistance level. The first important support level is around USD 46,200, below which the price can test USD 45,000.
Ethereum’s price followed bitcoin’s lead and fell below the crucial USD 1,550 support level. ETH also fell below $1,500, testing the $1,450 funding level. It’s failing to get into USD 1,500, and the bears seem to be aiming for a test of USD 1,400.
According to cryptonews.com, the bulls, on the other hand, may find it difficult to lift the price past USD 1,500. Near the USD 1,550 mark, the main resistance is emerging.
Binance Coin (BNB) is down over 8% and has broken through the USD 232 support level. BNB is currently trading just below USD 225, and it appears that it will challenge the USD 205 support shortly. Near the USD 200 mark, the next big buying zone is located. On the upside, the previous support level of USD 232 can function as a major obstacle.
Below the USD 1.150 and USD 1.100 support thresholds, Cardano (ADA) is now gathering bearish momentum. ADA traded as little as USD 1.050. In the short term, any more declines could push the price below the key USD 1.000 support region.