The price of Bitcoin extended its fall below the support level of USD 50,000. BTC even declined below the support level of USD 47,500 and tested USD 45,000. The price rebounded sharply, however, jumping to nearly USD 49,000 and trimming its daily losses to 8%.
Similarly, in most major altcoins, followed by a rebound, there was a strong drop. As it even spiked below the USD 1,400 support before moving above USD 1,500 again, ETH is still down almost 14%.
Bitcoin prices gained bearish momentum after closing below USD 50,000. BTC declined below the support level of USD 47,500 and USD 46,200. It even spiked below the support level of USD 45,000. The support of USD 45,000 holds the key in the short term. On the upside, the BTC moved past the resistance level of USD 48,500. Near the USD 50,000 level, the key hurdle is now forming. In the coming sessions, a close above USD 50,000 can potentially launch a strong recovery.
According to cryptonews.com, many significant support such as USD 1,650, USD 1,550 and USD 1,500 broke the Ethereum price. ETH has even spiked to under USD 1,400. It is moving higher at present, getting closer to its first major resistance near the level of USD 1,550.
If support is closely below USD 1,400, there is a risk of falling to near-term support levels of USD 1,320 and USD 1,280.
The USD 250 support broke the Binance Coin (BNB) and it also fell below USD 200. The USD 185 support was tested by BNB and it is back above USD 200. The price is now consolidating and could rebound towards the resistance level of USD 220. Near USD 232 mark, the next primary resistance sits.
The XRP price started following the decline of bitcoin after it struggled to maintain above the support levels of USD 0.525 and USD 0.512. There was a sharp drop below USD 0.500 and the market broke even below USD 0.450. It tested the support level of USD 0.400 and is recovering higher towards the level of resistance of USD 0.480.