Bitcoin price continued its decline below the USD 62,000 support and broke the USD 60,000 support to enter a bearish zone. It is currently (04:20 UTC) showing bearish signs.
Besides, most major altcoins are also showing bearish signs and dropping against BTC. BTC is down by almost 3% in a day, while other coins in the top 10 corrected 4%-6%. ETH declined below USD 4,350 and USD 4,250. XRP retested USD 1.05 while ADA tested the main USD 1.75 support zone.
In the past three sessions, bitcoin price gained bearish momentum below USD 63,500. BTC broke the USD 62,000 support and even dived below USD 60,000. It stayed above USD 58,500, but the bulls are struggling to start a recovery. On the downside, an initial support is near the USD 59,200 level. The next key support is near the USD 58,500 level, below which the price might test USD 56,800.
On the upside, the price could struggle to settle above USD 60,000 and USD 60,500. The first major resistance is now forming near the USD 62,500 level.
Ethereum price also extended decline below the USD 4,350 level. ETH traded below USD 4,250, but there was no break below USD 4,100. The price is still well above USD 4,000, but the bears could remain active near USD 4,320.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) extended losses below the USD 1.85 and USD 1.80 support levels. It even tested the USD 1.75 support and is currently consolidating losses. On the upside, the price might face sellers near USD 1.92 and USD 1.95.
Binance coin (BNB) declined below the USD 600 support level. BNB even spiked below USD 585 and USD 570. Any more losses may perhaps clear the path for a move towards the USD 550 level in the near term.
Solana (SOL) extended losses below the USD 225 support level. The bulls are now protecting the USD 210 support, but the main support is at USD 200. A downside break below USD 200 could push the price towards USD 185.
SHIB is down over 5%, and it is now trading near the USD 0.000048 level. A downside break below the USD 0.0000475 level could push the price further lower. The next major support is near the USD 0.0000465 level, below which it may perhaps test USD 0.000045.
XRP price is down 5% and it settled below the USD 1.12 level. There was a test of USD 1.05 and the price remained well above USD 1.00. On the upside, the previous support at USD 1.12 might act as a resistance in the near term.
Other altcoins market today
Many altcoins are down over 8%, including KDA, ZEC, KCS, ICX, NEAR, MINA, VET, DASH, CAKE, KSM, LUNA, and RUNE. Out of these, KDA declined 15% and traded below the USD 18 level. Meanwhile, CRV, AVAX, MANA, MIOTA, and SAND are up over 5%. SAND surpassed the USD 3.30 level after rallying 27%.
Overall, bitcoin price is showing bearish signs below USD 62,000 and USD 60,500. If BTC slides below USD 58,500, there could be more losses in the coming sessions.