Bitcoin Breaks USD 44K, Ethereum And Altcoins Tumble

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Learn more: Bitcoin & Crypto Drop Alongside Stocks On China's Evergrande Spillover Risks

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In the past three sessions, bitcoin price saw a sharp bearish wave below USD 47,200. BTC traded below the USD 46,000 and USD 45,000 support levels. If the bears remain in action, the price could even trade below the USD 43,500 level. The next major support on the downside is near the USD 43,200 level.

An initial resistance on the upside is near the USD 45,000 level. The first major resistance is now forming near the USD 45,500 level, above which the price might recover towards the USD 46,000 level in the near term. 

Ethereum price extended its decline below the USD 3,220 support. ETH is down over 9% and it even traded below USD 3,050. The next major support is near USD 3,020 and USD 3,000. Any more losses may possibly lead the price towards the USD 2,880 level.

If there is a recovery wave, the price might face resistance near USD 3,150 (the recent breakdown support). The first major resistance is now forming near the USD 3,200 level.

Cardano (ADA) dropped below the USD 2.32 and USD 2.20 levels. The price even traded below USD 2.10 and it might continue to move down towards USD 2.00. Any more losses could set the pace for a larger decline in the near term.

Litecoin (LTC) declined 11% and it traded below the USD 162 support level. The next major support is near the USD 155 level, below which the price could struggle to stay above USD 150. On the upside, the previous support at USD 172 could act as a strong resistance.

Dogecoin (DOGE) is accelerating lower below the USD 0.220 level. An immediate support is near the USD 0.205 level. The main support is still near the USD 0.200 level. Any more losses may possibly call for a move towards the USD 0.188 level. If there is an upside correction, the price might face resistance near USD 0.225.

XRP price declined by 13% and it is now trading below the USD 0.950 level. The next major support is USD 0.900, below which the bulls might take a stand near the USD 0.880 level. If they fail, there is a risk of a move towards the USD 0.800 level.

Many altcoins are down over 10%, including RUNE, LUNA, ONE, HBAR, ICX, QNT, REV, MIOTA, WAVES, AVAX, EGLD, and ZIL. Out of these, QNT and RUNE crashed by around 20%.

To sum up, bitcoin price is back in a bearish zone below USD 45,000. The current price action suggests BTC could move down further towards the USD 43,200 level.

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