Bitcoin Dives to USD 21K, Ethereum Tests USD 1.1K, FTM, THETA, and GALA Rally
Bitcoin price remained in a strong downtrend and traded below the USD 25,000 support zone. BTC tested the USD 21,000 level before recovering to almost USD 22,000 again. It is currently (03:51 UTC) trading near USD 21,900, with a major support near USD 20,500. BTC is down 14% in a day and 30% in a week.
Similarly, most major altcoins declined heavily. ETH traded below USD 1,100 before recovering, XRP tested USD 0.30, while ADA is still trading above the USD 0.42 support zone.(Learn more: Bitcoin, Ethereum & Crypto Dive as Celsius Adds Fuel to the Fed Fire This Week)
Total market capitalization
After a close below USD 26,500, bitcoin price struggled to stay above the USD 25,000 support. As a result, BTC accelerated losses and tested the USD 21,000 level. The next major support is near the USD 20,500 zone, below which the bears could aim for a move below the USD 20,000 support.
On the upside, an immediate resistance is near the USD 22,500 resistance zone. The next major resistance is now forming near the USD 23,200 level.
Mark Newton of Fundstrat Global Advisors said BTC is “getting closer to intermediate-term levels of support which suggest buying dips should be correct by the end of the second quarter,” per Bloomberg.
Ethereum price also gained bearish momentum below the USD 1,500 support. ETH declined over 14% and traded below the USD 1,250 support. It even spiked below USD 1,120 and tested USD 1,080 before recovering above USD 1,160. The next major support is near USD 1,000, below which the price might accelerate towards USD 880.
On the upside, an immediate resistance is near the USD 1,200 level. The next key resistance is near the USD 1,250 level, above which the price could start a move towards USD 1,350.
Cardano (ADA)
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