Bitcoin and major altcoins are experiencing intense selling, with charts suggesting that the market sell-off is not yet complete.
The sell-off in Bitcoin may have been triggered by confusion surrounding the alleged write-down of SpaceX’s Bitcoin holdings.
Bitcoin’s price fell sharply, resulting in $1 billion in liquidations for derivatives traders.
Analysts expect Bitcoin to continue its downtrend in the near term.
Important support levels to watch for Bitcoin include $24,800 and $20,000.
Ether turned down and broke below immediate support at $1,816, indicating bearish control.
BNB broke below a symmetrical triangle pattern and closed below the support at $220.
XRP tumbled below the breakout level of $0.56, indicating continued selling pressure.
Cardano dropped below a descending channel pattern, indicating accelerated selling.
Solana broke below moving averages and horizontal support at $22.30, suggesting a range-bound movement between $14 and $27.12.
Dogecoin slipped below the support line of an ascending channel pattern, signaling bearish control.
Polkadot’s tight range trading expanded to the downside, nearing critical support at $4.22.
Polygon broke below support at $0.65 and strong support at $0.60.
Litecoin experienced a sharp descent after breaking support at $81, with a potential range forming between $56 and $74.
Summary:
– Bitcoin and major altcoins are facing intense selling pressure.
– Bitcoin’s sell-off may have been triggered by confusion surrounding SpaceX’s alleged write-down of Bitcoin holdings.
– Analysts expect Bitcoin to continue its downtrend.
– Key support levels to watch for Bitcoin include $24,800 and $20,000.
– Other cryptocurrencies like Ether, BNB, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, and Litecoin are also experiencing bearish trends and facing important support levels.