Bitcoin and Ethereum Take Hit, Altcoins Tumble

cryptonews.com:

Bitcoin price started a major decline below the USD 23,000 level. BTC traded below the USD 22,500 and USD 22,000 support levels. It is currently (11:20 UTC) down over 7% and trading well below USD 22,000.

Similarly, most major altcoins are down heavily. ETH traded below the USD 1,750 support level. XRP failed to stay above the key USD 0.35 support zone. ADA declined sharply below the USD 0.50 and USD 0.48 support levels.

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After a bearish move below the USD 23,200 support, the bitcoin price started a major decline. BTC declined sharply below the USD 22,500 and USD 22,000 support levels. It even spiked below USD 21,500 before the bulls appeared. An immediate support is near the USD 21,250 level. The next major support is near the USD 21,000 zone, below which the price could even test USD 20,500.

On the upside, the price might face resistance near the USD 22,000 level. The next resistance is near the USD 22,500 level, above which the price might start a recovery wave.

Ethereum price declined heavily below the USD 1,800 support zone. ETH even traded below the USD 1,750 support and tested USD 1,720. It is now struggling to recover and might extend losses below the USD 1,720 level. The next major support is USD 1,650, below which price could even test the USD 1,550 level.

On the upside, the price could face resistance near the USD 1,780 level. The next key resistance is near the USD 1,800 level, above which the price could start a recovery wave.

Cardano (ADA) accelerated lower below the USD 0.50 support zone. The price declined over 12%, and there was a move below the USD 0.48 support. The next major support sits at USD 0.45.

BNB is down over 8%, and there was a move below the USD 288 support. On the