After the recent price surge, Bitcoin is currently trading below $64,000 and there could be more downsides in the short-term. The largest crypto is not the only coin to have dropped in the last few hours with a number of other altcoins also correcting their gains.
Ethereum traded below the $4,320 and $4,250 support levels. Ripple is still struggling to clear the $1.15 resistance and Cardano tested $2.30 before dropping lower.
Bitcoin price correction
After experiencing a new all-time high earlier this week, Bitcoin began a downside correction below $66,000. The coin continued to drop below the $64,200 support levels before testing $62,000 and is now consolidating the losses. There is initial support at $62,500 and the first major support sits at $62,000. If the price drops below this, it could test the $60,500 support.
If there is an increase, the price may face some resistance near $64,200 with the next major resistance being at $65,000. If the price surges above this, the coin could potentially test a new all-time high.
Ethereum price
Ethereum was able to clear the $4,200 support level and went on to pass the $4,350 level. The price failed to test the $4,400 resistance and a high was formed at around $4,375 before dropping lower. The price of Ethereum is now trading below $4,200 but could reach the $4,000 level.
Ripple price
Ripple has failed to gain strength above $1.15 and has started a downside correction. It is now trading around $1.10 and has an immediate support at $1.08. The next major support is around $1.05, below which the price could fall to $1.00.
Dogecoin price
After weeks of optimism, Dogecoin has fallen back below $0.250. An initial support sits at $0.240 and the first major support is $0.232, below which the price could easily tumble towards the $0.220 level. If there is an increase above $0.250, the price could rise to $0.265.
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Cardano price
Cardano has broken the $2.18 and $2.20 resistance levels. It dropped below $2.32 before correcting lower and is now trading below $2.20 with a key support waiting at $2.15. Any further decrease could drop the price to $2.05.
