Technology

Flash Krach: Cryptocurrencies Collapse After Bitcoin ATH, What’s Happening?

The bitcoin price did not stay above the $ 66,500 support level. BTC has extended its decline below the $ 65,500 support level and is currently trading below $ 65,000. There is a risk of movement towards $ 63,200.

Furthermore, most of the major altcoins are also declining. ETH started a bearish correction below $ 4,650 and even fell below $ 4,500 before recovering. XRP is now trading near the $ 1.20 support. The ADA is down 5% and is approaching $ 2.00.

Bitcoin price

After failing to cross the $ 67,000 mark, the bitcoin price began a downward correction below $ 66,000. BTC corrected below the $ 66,500 and $ 65,000 support levels. On the downside, the initial support is near the $ 64,000 level. The next key support is near the $ 63,200 level, below which the price could test $ 62,500.

On the upside, the price is facing resistance near $ 65,000. The next major resistance is now forming near the $ 66,000 level, above which the price may start to climb steadily.

Ethereum Price

Ethereum price also followed bitcoin and traded below the $ 4,650 support. ETH was even down from $ 4,500 before regaining some points. If there is a further decline, the bulls could appear near $ 4,550. The next key support is near $ 4,500, below which the price could test $ 4,400.

On the upside, immediate resistance is near the $ 4,700 level. A close above $ 4,700 is needed for a stronger short-term rally.

ADA, BNB, SOL, SHIB and XRP prices

Cardano (ADA) was unable to stay above the $ 2.20 and $ 2.12 support levels. It is down 5% and is approaching the $ 2.00 support. Any further losses could open the doors for a move towards $ 1.85.

Binance coin (BNB) is sinking towards the $ 610 support level. The main support is near the $ 600 level. A close below $ 600 could pave the way for further losses towards $ 550.

Solana (SOL) also turned down from the $ 250 resistance. SOL is down and is approaching the $ 230 support. The next major support is near the $ 225 level, below which it could drop to $ 210.

SHIB is down 5% and is approaching the $ 0.0000500 level. A close below the $ 0.0000500 support level could trigger a further slide. Conversely, the price could rise to the level of $ 0.000055.

XRP price fell below the key support level of $ 1.20, before pulling back. The next major support is near the $ 1.12 level. If the bulls fail to protect $ 1.12, there could be a slide towards the $ 1.05 level in the near term. On the upside, the $ 1.25 level is an immediate hurdle.

Another altcoin market today

Many altcoins are down more than 8%, including SCRT, SAND, AUDIO, BTG, ATOM, GRT, ETC, ZIL, ICP, RVN, AAVE, THETA, and DOT. Of these, SAND and MANA fell 10%. At the same time, IOTX is up 60%, while LRC is up 23%.

Overall, the bitcoin price is correcting below the $ 65,000 level. If BTC spreads its losses below $ 63,500, it could drop to $ 62,000.

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