Here’s Why Bitcoin and Ethereum Are “Correcting” Their Gains, and Altcoins Are Showing Bearish Signs

Bitcoin price started a fresh decline after failing to settle above the USD 23,000 area. BTC corrected its gains and traded below the USD 22,000 level. It is currently (04:09 UTC) trading near USD 21,900 and is down more than 2% in one day, but still up 5% in one week.

Likewise, most major altcoins have fallen. ETH peaked near $1,665 and fell below $1,550. XRP traded below the support of $0.35. ADA is also trading below the $0.50 area.

bitcoin price

After rising further, bitcoin price faced sellers near the $23,000 area. BTC failed to extend its gains and started a fresh decline below USD 22,000. See the article: Dogecoin (DOGE) price jumps 30% after Elon Musk buys Twitter. On the downside, a first support can be found near the USD 21,650 level. The next major support is near the $21,500 area, below which the price may accelerate its decline.

On the upside, an immediate resistance is seen near the $22,500 level. The next major resistance could be USD 23,000, above which the price could gain bullish momentum.

Ethereum price

Ethereum price climbed above the $1600 level and broke above $1650. However, there was no further upside and the price declined below the $1,550 support and is now down almost 3% in one day and up 13% in one week. This may interest you: After UST, USDT loses its peg, why this should be a huge concern for the Crypto space. The next major support lies near $1500, below which the price may retest the $1450 support zone.

On the upside, the price may face sellers near $1,550. The next major resistance is found at USD 1,600, above which the price may start a further rise.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) failed to stay above the $0.52 level. It is moving lower and trading below $0.50. See the article: LUNA plummets 48% as UST stability is shaken, and breaks below $1.. The price might drop towards the $0.465 level if there are more losses.

BNB is approaching the $250 support zone. If there is a downside break below the $250 support, the price may decline more aggressively towards the $235 level.

Solana (SOL) moved lower and settled below the $40 support zone. SOL fell 4% in one day and is approaching the USD 38 level. If there are more losses, the price could fall to 35 USD.

DOGE is down 5% and trading below the USD 0.0665 support. It looks like the bears are now targeting a test of USD 0.0620. The next major support is at USD 0.0600.

XRP price is falling below the $0.35 support zone. If the bears stay in action, there is a risk of a move towards the $0.32 support zone in the near term.

Other altcoins on the market today

Many altcoins are showing bearish signs, including DOT, MATIC, AVAX, SHIB, TRX, ETC, NEAR, ATOM, APE, FLOW, and MANA. Among these, DOT might drop below the $7 support.

Overall, the bitcoin price is falling and trading below the $22,000 level. If BTC slides below the $21,500 support, it could drop towards the $20,500 support area.

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Be vigilant and consult your financial adviser before making any investment decision. Mirror-Mag cannot be held responsible in the event of bad investments. Before using any third-party service, you should do your own research.

Thomas E.
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