Bitcoin and Ethereum Continue to Weaken, SRM and QNT Rally

cryptonews.com:

Bitcoin price followed a bearish path below the USD 20,500 level and even declined below the USD 19,500 support zone before moving higher again. It is currently (04:00 UTC) consolidating near USD 19,500 and is down 2% in a day and 3% in a week.

Similarly, most major altcoins are showing bearish signs. ETH traded below the USD 1,070 support zone and tested USD 1,050. XRP is consolidating near USD 0.312. ADA tested the USD 0.420 support zone.

Total market capitalization

Learn more: Crypto Falls Ahead of US Inflation Figure as Bitcoin On-Chain Metrics Signal ‘Oversold Conditions’ 

In the past three sessions, bitcoin price saw bearish moves below the USD 21,200 level. BTC traded below the USD 20,500 support and even settled below USD 20,000. There was a spike below the USD 19,500 level before the bulls appeared. The next major support is near the USD 19,200 zone, below which the price could decline towards the USD 18,800 support.

On the upside, the price might struggle near the USD 20,000 level. The next major resistance could be USD 20,500, above which bitcoin could start a recovery wave.

Ethereum price declined further below the USD 1,070 level. ETH even spiked below the USD 1,050 level before moving back. It is now consolidating near the USD 1,050 level and is down 3% in a day and 7% in a week. On the upside, the price might face resistance near USD 1,100. The next major resistance is at USD 1,120, above which the price could aim for a steady recovery.

If there is no upward move, the price might even test the USD 1,000 support. The next major support is near USD 950, below which the price could revisit the USD 900 support zone.

Cardano (ADA) declined below the USD 0.434 support zone. It even spiked below the USD 0.42 support zone