Cryptocurrency Market Nov 17, 2021: Bitcoin price continued to drop below the USD 62,000 support and break the USD 60,000 support to enter a bearish zone.
Plus, most of the big altcoins are also showing signs of bearish and decline against BTC. BTC is down almost 3% in one day, while other coins in the top 10 correct between 4% and 6%. ETH fell below $ 4,350 and $ 4,250, respectively. XRP tested $ 1.05 again while ADA tested the key support area of $ 1.75.
Cryptocurrency Market November 17, 2021: Bitcoin Price
Bitcoin price gained momentum in the last three sessions, falling below $ 63,500. BTC broke the $ 62,000 support and even fell below $ 60,000. It holds above $ 58,500 but the bulls are struggling to start the rebound. On the flip side, initial support is near the $ 59,200 mark. The next major support is near the $ 58,500 level below which the price can test $ 56,800.
On the downside, the price might struggle to level off above $ 60,000 and $ 60,500. The first major resistance is currently forming near the $ 62,500 mark.
Cryptocurrency Market November 17, 2021: Ethereum Price
Ethereum price also extended its decline below $ 4,350. ETH traded below $ 4,250 but there was no break below $ 4,100. The price is still above $ 4,000, but the bears could stay active near $ 4,320.
On the flip side, initial support is close to $ 4,100. The main support is at $ 4,000, below which a test of $ 3,850 is possible.
Cryptocurrency market November 17, 2021: ADA, BNB, SOL, SHIB and XRP prices
Cardano (ADA) extended losses below the $ 1.85 and $ 1.80 support levels. It even tested the USD 1.75 support and is currently fixing account losses. Conversely, the price could face sellers near $ 1.92 and $ 1.95.
Binance Coin (BNB) has fallen below the USD 600 support. BNB has even gone below $ 585 and $ 570. Any additional holes are likely to pave the way for work towards $ 550 in the near future.
Solana (SOL) extended losses to the $ 225 support. The bulls are currently supporting the $ 210 defense, but the main support is at $ 200. A faker that breaks a dip below $ 200 can push the price towards $ 185.
SHIB is down more than 5% and is currently trading near $ 0.000048. A break below $ 0.000475 could drag the price down. The next big support is near the $ 0.0000465 level below which a test of $ 0.000045 is possible.
The XRP price is down 5% and is below the $ 1.12 level. There was a test of $ 1.05 and the price is still higher than $ 1.00. On the other hand, the previous support at $ 1.12 could act as resistance in the short term.
Cryptocurrency Market November 17, 2021: Another Altcoin Market
Many altcoins are down more than 8%, including KDA, ZEC, KCS, ICX, NEAR, MINA, VET, DASH, CAKE, KSM, LUNA, and RUNE. Of these, KDA is down 15% and trades below $ 18. By contrast, CRV, AVAX, MANA, MIOTA and SAND rose by more than 5%. SAND broke $ 3.30 after gaining 27%.
Overall, Bitcoin price is showing signs of falling below $ 62,000 and $ 60,500. If BTC drops below $ 58,500, further losses are possible in the upcoming versions.
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