Bitcoin (BTC) tests $60,000 threshold, Ethereum (ETH) and altcoins attempt to recover

The price of Bitcoin has fallen sharply below the support level of USD 62,000. BTC even traded below USD 60,000 but is currently trying to recover and is approaching USD 60,300.

Similarly, most of the major altcoins are also trying to recover their losses. ETH fell below the key support area of USD 4,200, before returning above this level. XRP has lost almost 10% and may even fall below USD 1.00. ADA is accelerating its decline towards the USD 1.72 level.

Bitcoin price
After a sharp break below USD 65,000, Bitcoin extended its decline. BTC broke below the USD 62,000 support level to enter a short-term bearish zone. If the bears remain in action, the price could slide towards the USD 58,000 level. The next key support is near the USD 57,500 level.

On the upside, the USD 61,200 level is a first hurdle. The next key resistance forms near the USD 62,500 level, above which the price could start a steady rise.

Ethereum Price
The price of Ethereum also followed Bitcoin and fell by more than 10%. ETH traded below the support levels of USD 4,250 and USD 4,200. The next major support is at USD 4,000. A downside break below USD 4,000 could accelerate losses towards USD 3,800 in the short term.
Conversely, ETH could begin a recovery above the USD 4,250 level. The next major resistance is near the USD 4,320 level, above which the price could rise towards USD 4,500.

ADA, BNB, SHIB, SOL and XRP prices
The price of Cardano (ADA) is holding below support at USD 2.00. ADA has even traded below the USD 1.92 and USD 1.90 levels. In case of a close below USD 1.80, the price could possibly fall towards the USD 1.72 level in the short term.

Binance Coin (BNB) is below the key support of USD 600. The price has approached the key 575 USD threshold and is now trying to reach 600 USD again.

SHIB has fallen below the 0.0000500 USD support zone. It is down 7% and approaching the 0.0000475 USD level. The next major support is near USD 0.0000450, below which the price could plunge towards USD 0.000040.

Solana (SOL) has failed to stay above the USD 232 support zone. SOL is trending downwards and is trading below USD 220. In case of further losses, the bears could test the support levels of USD 205 and USD 200.

The XRP price has started a new decline below the support levels of USD 1.12 and USD 1.10. The next key support is near 1.05 USD. Any further losses could drive the price towards the main support of 1.00 USD.

Other altcoins market today

Many altcoins are down more than 10%, including GRT, KCS, NEAR, RUNE, KDA, AR, VET, CRV, FTM, LRC, MINA, OMG, CHZ, ALGO, CRO and ENJ. Of these, NEAR fell nearly 17% and traded below USD 10.00.

To sum up, Bitcoin is struggling below USD 62,000. If it settles below USD 60,000, there is a risk of further decline over the next few sessions. The next major support is at 57,500 USD.