Bitcoin Dips Below USD 50K, Ethereum Drops, USD 3.5B Liquidated
Bitcoin price struggled to clear the USD 55,500 resistance and it started a fresh decline. BTC declined below the USD 53,200 and USD 52,000 support levels. It even spiked below USD 50,000 and it is currently (04:30 UTC) correcting losses.
Similarly, most major altcoins declined heavily. ETH traded to a new all-time high above USD 2,670 before declining heavily below USD 2,300. XRP/USD declined over 15% and it tested the USD 1.00 support.
Total market capitalization
Also, in the past 24 hours, more than USD 3.5bn worth of trading positions (more than 555,000 traders) in the crypto derivatives market were liquidated. Over USD 1.2bn of these were in BTC, per bybt.com data. This comes after USD 10bn was liquidated this past Sunday.
After a strong rejection near USD 55,500, bitcoin price started a sharp decline. BTC broke many supports near USD 53,200 and USD 52,000. The bulls even failed to protect USD 50,000. It tested the USD 48,500 support zone and it is now recovering losses above USD 50,000. An initial resistance is near USD 50,800. The first key resistance is now forming near the USD 52,000 level.
On the downside, the USD 49,500 level is a decent support. If there are more downsides, the price may possibly test the USD 48,000 level in the near term.
“Bitcoin has slipped below the 50-day moving average support that it held sacrosanct through this rally,” Pankaj Balani, CEO of Delta Exchange, told Bloomberg. “It looks like there is more downside here.”
Ethereum price surged above the USD 2,600 level and traded to a new all-time high. However, the recent bearish reaction in the market sparked a decline in ETH below the USD 2,400 support. The price dropped sharply and it even broke the USD 2,250 support.
It traded close to USD 2,100 before correcting higher. It is now trading above USD 2,200, but the bulls might struggle for a close above the USD 2,300 level.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) failed to clear the USD 580 resistance and it declined over USD 100. BNB broke the USD 500 level and it tested the USD 450 support. The price is now consolidating, with an immediate resistance at USD 505. The key resistance is now forming near the USD 525 level.
Cardano (ADA) extended its decline below the USD 1.20 support. ADA even broke the USD 1.050 support level and it is now consolidating above USD 1.00. If there are more losses and a close below USD 1.00, the bears might aim for a test of the USD 0.85 support zone.
Dogecoin (DOGE) is down over 20% and it even broke the USD 0.250 support level. DOGE spiked below USD 0.210 and it is now showing a few signs of a recovery. On the upside, the bulls might face resistance near USD 0.240 and USD 0.250.
XRP price is down over 15% and it broke many important supports near 1.20. The price even spiked below the USD 1.00 level and it is now consolidating losses. If there is a close below USD 1.00, the bulls might lose control in the near term.
Other altcoins market today
Many altcoins declined over 15%, including IOST, DGB, SC, BSV, XEM, BTT, HOT, ONT, RVN, KLAY, QTUM, FTM, CHZ, TRX, XVG, and ZIL. Out of these, IOST and DGB are down over 25%. BTG rallied over 10% and moved above USD 100, before correcting lower again.
Overall, bitcoin price is gaining bearish momentum below USD 52,000. However, if there is no daily close below USD 50,000, there are chances of a further recovery.