Bitcoin Price trades below $16,500, Ethereum, Ripple, Dogecoin, & Solana tank up to 10%

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is down about 3% trading around $16,200, Ethereum price at about $1130, down about 7%.
2. Global crypto market cap is down about 4% in the past 24 hours, currently at about $803 billion.

CRYPTO MARKET TODAY AT A GLANCE

TOP CRYPTOS TODAY BY MARKET CAP

Along with Bitcoin (BTC) and Ethereum (ETH), every one of the top 15 cryptos by market cap (excluding stablecoins) have have shed value significantly in the past 24 hours. Dogecoin (DOGE) managed to lose the most out of that lot, having lost 10% in the past 24 hours, closely followed by Solana (SOL) which lost 9% and Ripple (XRP) which lost 8.6%.

The overall market correction over the weekend has been brutal for the entire crypto market as it has fallen back to one of the lowest price levels since January 2021. The overall crypto market cap stands close to around $800 billion as of now. The overall crypto market had begun to recover some amounts last week right on the tails of the FTX collapse that happened about 10 days ago. But this weekend has taken the wind out of the market and is down back to the lowest point in the past two years.

Read all about the FTX fiasco here: FTX Collapse Explained

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin price action over the course of the entire week has been very poor. Despite multiple attempts at a breakout over the declining trendline (marked in black), BTC price hasn't been able to convincingly breakout over the trendline and thus it seems like BTC is well on its way to crash.

As mentioned in one of our earlier articles - on 14 November, BTC price went from $16,300 to $17,800 before falling back down to around $16,600 where it is still trading as of now. This jump had been attributed to a price action phenomenon called as a dead cat's bounce - and that has turned out to be true and the overall structure seems very bearish going forward.

Read more: Bitcoin Price Prediction

Also, continuing forward, Bitcoin price is still well below all other crucial support levels. This is because in line with the overall crypto market cap, Bitcoin price is too at the lowest point in the past two years, and the last time $16,000-$17,000 was recorded was back in November 2020. This would bring in heavy bearish pressures across the market, with the added pressures from the 50 and 200 day moving averages. Along with that, the Relative Strength Index is at about 33, which is low but isn't at the oversold zone yet and price could stay here or even go lower.

ETH/USD | Source: Tradingview

Ethereum price, while faring slightly better than the king coin, isn't doing too well either. While earlier last week, it had managed to sustain above its crucial support level (marked in black) of about $1260, the weekend's crash has brought to back down below the $1200 mark and is currently trading at about $1130. The last and final support level remaining for Ethereum is the $1000 level, which serves as a psychological support as well as the lowest closing price in the year, 2022. $1000 has managed to hold on reasonably strong back in June and now can be expected to hold on too.

But for the immediate short term, things don't look too well either. With a Relative Strength Index around 35, and heavy bearish selling happening across the board, we can expect ETH price to remain under the weather for some time now, unless there is a major positive development that improves the overall sentiment in the market.

Prices as on 21 November, 2022.