- Bitcoin once again fell below the USD 23,000 mark.
- Ethereum is back below USD 1,500, XRP is struggling near USD 0.35.
- SOL and MATIC are down more than 10%.
After breaking above the $24,000 level, bitcoin increased its volatility as You’re here said it sold 75% of its BTC holdings, or $936 million worth of bitcoins, in the second quarter in a bid to raise cash.
However, Tesla chief Elon Musk stress that “this should not be taken as a verdict on Bitcoin” as the company sold BTC as they “were uncertain as to when the COVID lockdowns in China would ease” and it was important for the company to maximize its position cash.
“We are certainly open to increasing our bitcoin holdings in the future,” Musk said on an earnings call, adding that they did not sell their DOGE.
However, despite this reassurance, the crypto market started to decline again, following a correction in the Asian stock market.
BTC is currently trading (03:48 UTC) at nearly $22,800 and is down almost 3% in one day and up 13% in one week.
Likewise, most of the major altcoins also correct gains. ETH is down nearly 5% and trading below the $1500 area. XRP pared its gains and is now struggling near the $0.35 level. ADA fell almost 9% and traded below the support of $0.50.
Total market capitalization
After a sharp move above USD 23,500, bitcoin price extended gains. BTC was able to break above the USD 24,000 level. However, the bears were active near the $24,200 level and pushed the price below $23,000. On the downside, an initial support is near the USD 22,500 level. The next major support is near the $22,250 area, below which the price may drop to $21,200.
An immediate resistance is near the USD 23,500 level. The next major resistance may be at $24,000, above which the price may start a further rise.
Ether price struggled to stay above the resistance at $1600. ETH pared some gains and fell below $1,500. It now trades near $1,490, falling 5% in one day and reducing weekly gains to 34%. The next major support is near $1,450, below which the price could initiate a stronger downside correction.
On the upside, the price may face sellers near $1,550. The next major resistance is found at $1,600, above which the price may start a fresh move higher.
ADA, BNB, SOL, DOGE and XRP prices
Gimbal (ADA) failed near the $0.55 resistance zone. There was a bearish reaction and the price fell 9%. It broke below $0.50 and might revisit the $0.465 level.
BNB struggled above the $272 resistance and started a downward correction below the $262 level. The price is now struggling to stay above the $250 support, below which it could dip to $235.
Solana (SOL) is down almost 12% and is trading near the USD 40 level. If there is a close below the $40 support, the price could drop towards the $38 support area.
DOGE tested the $0.075 resistance zone. It is now correcting lower below the support at $0.0700. If the bears stay in action, the price could drop towards the support at $0.065.
XRP Price struggled below the resistance of $0.388. It pared its gains and is now consolidating near the $0.35 level. Any further losses could send it towards $0.332.
Market of other altcoins today
Many altcoins are in the red zone, including DOT, MATIC, AVAX, SHIB, TRX, UNI, CRO, LINK, ETC, XLM, ALGO, BCH, and VET. Of these, MATIC fell 14% and approached $0.80, becoming the worst performer among the top 100 cryptoassets by market capitalization today. The price is still up 27% in one day.
Overall, bitcoin price is correcting gains from the $24,200 zone. If BTC falls below $22,500, it could even dip towards the $21,200 level.