Bitcoin and Ethereum Struggle to Recover, QNT and SNX Outperform

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  • Bitcoin price is hovering below USD 20,000.
  • Ethereum is struggling near USD 1,050, XRP is at risk below USD 0.32.
  • SNX and QNT are the best two performers today.

Bitcoin price settled below the USD 20,500 level, extended losses and tested the USD 19,500 support zone. BTC is currently (14:57 UTC) consolidating near USD 19,900 and is down almost 3% in a day and 2% in a week. 

Similarly, most major altcoins are gaining bearish momentum. ETH traded below the USD 1,080 support zone. XRP is moving lower towards USD 0.300. ADA tested USD 0.425 and remains at a risk of more losses.

Total market capitalization

Source: Coincodex

Bitcoin price

After a clear move below the USD 21,000 level, bitcoin price followed a bearish path. The price even tested the USD 19,500 level, where the bulls took a stand. The next major support is near the USD 19,200 zone, below which the price could dive towards the USD 18,800 level.

On the upside, the price could face resistance near the USD 20,200 level. The next major resistance might be USD 20,500, above which bitcoin may perhaps start a recovery wave.

Ethereum price

Ethereum price extended losses below the USD 1,100 support. ETH even declined below USD 1,080 and tested USD 1,050. ETH is now trading near USD 1,070 and is down almost 6% in a day and 7% in a week. The next major support is near USD 1,020, below which the price might gain bearish momentum for a move towards USD 950.

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 start a recovery wave.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) settled below the USD 0.45 support zone. It even tested the USD 0.425 level before moving back to USD 0.433 again. 

BNB settled below the USD 230 level and tested the USD 225 support. The next major support is near the USD 220 level, below which the bears could aim for a move towards the USD 200 level. 

Solana (SOL) spiked below the USD 33.20 support level before somewhat recovering. If this recovery fails, the next major support is near the USD 32 level. Any more losses could set the pace for a move towards the USD 30 level.

DOGE is gaining momentum below the USD 0.0632 level. There was also a move below the 0.0620 support. The next key support is near USD 0.0600, below which the price could gain bearish momentum. On the upside, the bears might be active near the USD 0.632 level.

XRP price settled below the USD 0.32 support zone. It could slide further towards the USD 0.302 support. If the bears remain in action, there is a risk of a move below the USD 0.30 level.

Other altcoins market today

Many altcoins are in the red zone, including DOT, SHIB, LEO, AVAX, UNI, LTC, FTT, LINK, CRO, NEAR, ETC, BCH, FLOW, and XTZ. Meanwhile, SNX and QNT jumped 6% and 9%, respectively, becoming the best two performers among the top 100 cryptoassets by market capitalization today. SNX moved above USD 2.45 and trimmed its weekly losses to almost 13%, while QNT reached USD 82.50 and is now also up 40% in a week.

To sum up, bitcoin price broke a major support near the USD 20,500 level. If BTC slides below USD 19,500, it could aim for a fresh low in the coming days.

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