The Bitcoin price began its consolidation phase after plummeting to $21,000. BTC is currently trading above $21,200 and faces many hurdles. The price must break through $21,650 to start a wave of recovery.
Similarly, most major altcoins are trying to recover. ETH is trading above $1,600 and faces resistance near $1,650. XRP is consolidating above the $0.335 support zone. The ADA is facing resistance near $0.475 and $0.480.
After a major drop, the Bitcoin price has found support near the $21,000 region. BTC has started a consolidation phase above $21,000. It climbed above $21,200 and faced resistance near $21,550. The next resistance level is near the level of $21,650, above which the price can rise and test the $22,000 resistance zone. Any further profits could leave the BTC price at $22,500.
On the downside, immediate support is near the $21,000 level. The next major support is near the $20,500 zone, below the testable price of $20,000.
Ethereum price also plummeted before finding support near the $1,520 region. ETH has formed a base and started a bullish correction above $1,580. There has been a move above the $1,600 level and the price is now facing resistance near $1,650. The next key resistance level is near $1,720. Breaking through this resistance level the price can gain momentum.
On the other hand, initial support is close to $1,600. The next major support is $1,550, below which price can even test $1,500.
ADA, BNB, SOL, DOGE, and XRP Prices
Cardano (ADA) extended its losses below the 0.45 support zone and started a consolidation phase. It is currently facing resistance near the $0.475 and $0.480 levels.
BNB remains strong above the $288 support zone. It is currently struggling to settle above $300 and $305. A close above $305 could start a new rally in the short term.
Solana (SOL) tested the $33.50 support zone. It is currently recovering and trading above $35. The price must break through the $36.50 resistance level to gain bullish momentum.
DOGE found bids near the $0.065 support level. It is currently up and trading near $0.068. The first major resistance level is near $0.0700, above which the price can move higher.
XRP price is consolidating below the $0.35 resistance zone. If there is a wave of recovery, the price can retest the resistance zone of $0.372.
Prices of some other altcoins
Several altcoins are correcting losses, including MATIC, ETC, LTC, ATOM, CRO, XMR, BCH, EOS, CHZ, and AAVE. Of these, CHZ rose more than 20% and reached $0.22.
Overall, the bitcoin price is trying to correct upwards above $21,200. To initiate a good bullish move, BTC must reach $21,650 and $22,000 in the near term.