Bitcoin (BTC) tests USD 25,000, Ethereum (ETH) drops to below USD 1,300

Bitcoin struggled to hold above the $ 30,000 resistance and fell to the $ 25,000 level before anything came of it. It is currently trading around USD 24,700 and has lost almost 8% in one day and 15% in one week.

Likewise, most of the big altcoins have started a big drop. ETH tested the $ 1,300 level, XRP traded below $ 0.35 and tested $ 0.325. The ADA fell sharply, testing the $ 0.462 level.

Total market value

Source: tradingview.com

Bitcoin prices

After breaking below $ 29,500, Bitcoin continued its downward trajectory, breaking through many key support areas. It tested the $ 25,000 level before recovering slightly. The next big support is close to the $ 24,000 range, below which the Bears could aim for a move towards the $ 23,200 level.

On the upside, instant resistance can be found near the $ 26,500 range. The main weekly resistance is now forming close to the $ 28,500 level.

“Cryptocurrencies remain at the mercy of the Federal Reserve and are stuck in a merry dance with the Nasdaq and other risky assets. The kind of macroeconomic environment the cryptocurrency sector is facing for the first time – and the degree of fear,” he said. Antoni Trenchevco-founder and managing partner of the crypto-lending firm Nexoto Bloomberg.

Ethereum price

The Ethereum price also gained bearish momentum below the $ 1,750 support. ETH fell 8%, testing the $ 1,300 level before rising to $ 1,350. ETH lost 25% in one week. The next big support is close to $ 1,200, below which the price can even test the $ 1,000 support.

On the upside, instant resistance can be found near the $ 1,420 level. The next key resistance is seen near the $ 1500 level, above which the price may start a stronger wave of recovery.

Prices for ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) gained bearish momentum below the $ 0.55 support. The price fell 9% and traded below the $ 0.50 level. It tested the $ 0.462 level and remains at risk for further losses.

BNB fell sharply below support levels of $ 275 and $ 250. It has tested the USD 235 level and is currently consolidating its losses. The next big support is seen near the $ 220 level.

Solana (SOL) fell below support levels of $ 35 and $ 32. It even broke 30 USD and may continue to fall towards the 25 USD level. The next key support is at $ 20.

DOGE dropped significantly below the $ 0.0750 support level. It traded below the $ 0.060 level. An immediate support can be found near the USD 0.0588 level. Key support is now forming close to the $ 0.0550 level.

The XRP price is below the $ 0.35 key support zone. The price traded close to the $ 0.325 level. If the Bears remain in action, the XRP could fall toward the $ 0.30 level.

Other altcoins on the market

Many altcoins have dropped more than 10%, including AVAX, DOT, MATIC, UNI, LINK, NEAR, FLOW, XTZ, SAND, APE and THETA. Meanwhile, CEL fell 38% in one day after Celsius said it suspended all withdrawals, swaps and transfers between accounts “due to extreme market conditions.”

“We work with a single goal: to protect and preserve assets to meet our obligations to customers. Our ultimate goal is to stabilize liquidity and restore withdrawals, swaps and transfers between accounts as quickly as possible. There is a lot of work to be done as we are exploring different options, this process will take time and there may be delays, “they said.

Overall, the Bitcoin price gains bearish momentum below USD 26,500. If the BTC slips below $ 25,000, it could even test the $ 23,200 support zone.

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