Bitcoin Tests USD 25K, Ethereum Dives to USD 1.3K, CEL Crashes on Paused Withdrawals News
Bitcoin price struggled to start a fresh increase above the USD 30,000 resistance and dived to the USD 25,000 level before somewhat recovering. It is currently (03:57 UTC) trading above USD 25,500 and is down almost 8% in a day and 15% in a week.
Similarly, most major altcoins started a major decline. ETH tested the USD 1,300 level, XRP traded below USD 0.35, and tested USD 0.325. ADA fell sharply and tested the USD 0.462 level.
Total market capitalization
After a downside break below USD 29,500, bitcoin price started a fresh decline, broke many important support zones, and tested the USD 25,000 level before recovering slightly. The next major support is near the USD 24,000 zone, below which the bears could aim for a move towards the USD 23,200 level.
On the upside, an immediate resistance is near the USD 26,500 resistance zone. The main weekly resistance is now forming near the USD 28,500 level.
“Cryptos remain at the mercy of the [Federal Reserve] and stuck in a merry dance with the Nasdaq and other risk assets. We’re hearing bitcoin forecasts in the mid-teen and single-digit thousands which tells you the type of macro environment crypto is facing for the first time -- and the levels of fear,” Antoni Trenchev, Co-founder and Managing Partner of crypto lender Nexo, told Bloomberg.
Ethereum price also gained bearish momentum below the USD 1,750 support. ETH declined 8% and tested the USD 1,300 level, before recovering towards USD 1,350. ETH is down 25% in a week. The next major support is near USD 1,200, below which the price might even test the USD 1,000 support.
On the upside, an immediate resistance is near the USD 1,420 level. The next key resistance is near the USD 1,500 level, above which the price could start a stronger
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