Bitcoin price started a downtrend by breaking through its $24,000 support. Further, even the support of $23,500 was lost and now Bitcoin, which has lost 2% of its price during the last night, is trying to maintain its minimum support of $23,200.
To Report Crypto News, today most of the altcoins in the market had a downward trend following their elders. Ethereum started the day by missing the $1,850 support. XRP is still at the $0.370 level. Cardano has also lost its $0.55 support.
After the $24,000 support was lost, the bearish trend continued. Further, the levels of $23,600 and $23,500 were also lost. It even reached $23,200 in a certain period; But the supporters of the increase in the price of Bitcoin, or the so-called bulls of the Bitcoin market, could no longer bear this decrease and supported the price. If the price trend is upward, the $23,600 level will appear as a resistance this time. Also, the next resistance is at the level of $24,000, crossing which can be considered as an increase in upward momentum.
If the price recovery does not occur and the price trend is bearish, a drop below the $23,200 support is likely. The next key support is at $22,800 and its loss could trigger a decline to the $22,500 level.
Ethereum also lost the $1,900 level and fell below its support at $1,850 and $1,820. If the Ethereum bearers are active, the $1,820 support may be lost and the price will reach $1,780, and the downward trend may even continue further.
But if the price trend of Ethereum goes up, there will be resistance at the level of $1,880. The next key resistance is at the level of $1,920, and crossing it can give new life to the price trend.
The price of altcoins
Cardano could not stay above its $0.55 support for long. The price has already reached the level of $0.532 and the possibility of reaching the range of $0.52 is also possible.
BNB has also lost its $312 support with a 3% drop in price. If the downward trend continues, the price has encountered the support level of $300 in the first step and it is possible to reach the level of $288.
The price of Solana lost its $42 support with a 6% drop. Solana market bulls have tried their best to protect the $40 price level. Losing these support levels makes the possibility of the price reaching $38 stronger.
With a 5% decrease in its price, Dogecoin has now reached below the level of $0.0820. The price is now consolidating at the $0.080 level and further declines will strengthen the possibility of reaching $0.0782.
XRP support at $0.362 remains valid. If the bulls of this digital currency market cannot protect this support level well, it is also possible to reach the $0.35 level.
Today, most of the altcoins in the market have left a red chart. Among them, Polygan’s price has decreased to the support range of $0.88. However, in this situation, the price of Celsius digital currency has registered a 15% increase.
In short, the price of Bitcoin has taken a downward trend and is trading below the level of $24,000. If the price recovery wave is not strong, there is a possibility of the price falling below the $23,200 and $23,000 levels.