Bitcoin’s price dropped below USD 50,000 and USD 48,000, suggesting a bearish path. BTC also broke through the USD 45,000 support level, trading around USD 43,000. It is currently recovering above USD 46,000, but there are several major barriers near USD 48,000 and USD 50,000.
Similarly, the majority of major altcoins have corrected lower. The bulls may struggle around USD 1,500, as ETH tested the USD 1,300 zone and climbed above USD 1,400.
Bitcoin price continued to sink below the USD 48,000 support after closing below USD 50,000. The bulls were unable to retain USD 45,000, and the market dropped to USD 43,000. BTC is currently up above USD 46,000, recovering its losses. Near the USD 47,000 and USD 48,000 levels, there is initial resistance. Near USD 50,000, the key weekly resistance is forming.
The USD 45,000 level is a strong support zone on the downside. A regular close below USD 45,000 could drive the price down to support levels of USD 42,000 and USD 40,000.
Ethereum’s price dropped below the USD 1,500 support, continuing the steps of bitcoin. ETH has recently checked USD 1,300 and has traded below USD 1,400. The price has stabilized and is now trading above the USD 1,400 mark. The bears, on the other hand, may take a stand near USD 1,500 and USD 1,550.
According to cryptonews.com, there is a chance of more declines if the price does not rebound to USD 1,500. The price could challenge USD 1,200 if it bursts through the first big support near USD 1,320 and USD 1,300.
Binance Coin (BNB) stayed high above the support thresholds of USD 195 and USD 200. BNB is back above USD 220, and it may aim to break above USD 232 and USD 235 on the upside. Near the USD 250 mark, the next big weekly resistance is identified. The USD 200 field is a significant breakdown zone on the downside.