Bitcoin was unable to break through resistance at $24, $500. It gradually dropped to less than 24,000. Prices still face headwinds and could continue to fall to the 23,000 mark.
Bitcoin isn't the only cryptocurrency under siege in the market, as other major knockoffs have also struggled to break through resistance. Ethereum is stuck between $1,850 and $1,900. ADA has been holding above the 0.55 support zone and XRP is gradually rising and could soon reach $0.40.
Bitcoin and Ethereum price analysis
Strong bearish forces pushed bitcoin prices below $24,500. It fell to support at $23,650, but has yet to test support at $23,500.
If it starts an uptrend, it may face resistance around $24,200 and $24,500, and it is expected that it may begin a sustained climb in the near term.
If the bears gain momentum, prices could hit support at $23,500 and could fall to $22,500.
Ethereum plunged below $1,920; Now it is consolidating. Currently, resistance is at $1,920. Major resistance is near $1,950. If it goes above that level, it could head for $2,000. If the bulls don't overwhelm the bears, the price could fall to $1,850. If the price breaks support, it may move lower in the short term.
Other cryptocurrencies
BNB is stuck below $320. If the price moves up, it could hit the 325 mark. If it moves in the opposite direction, the main support is at $312.
It's up more than 8% since DOGE steadily passed the $0.0835 mark. Currently, the price is close to the $0.0850 mark. If it rises above that level, it could be bullish.
Caldano or ADA has managed to stay above $0.55. It appears to be struggling to break through resistance at $0.0575.
XRP costs soared more than 4%. The price is almost at the 0.388 mark. Resistance is at $0.40, and if it is able to break through that barrier, prices could soon spike higher.
Solana or SOL has been holding above the support area at $42.50. As it gradually moves in that direction, it will soon hit $44.20. Major resistance is likely around $45.
Other cryptocurrencies are doing great
The price of most counterfeits is gradually rising. These include GALA, FIL, DOT, EOS, ZEK, SHIB, XMR and QNT.
In general, Bitcoin is currently in the range market around 24,000. If it breaks through resistance, it may start another upward movement.