Bitcoin, Etherium, altcoins sink, although Elon Musk wants to buy BTC again

  • Bitcoin returns below $23,000.
  • Ethereum has fallen back below USD 1,500, XRP is struggling at USD 0.35.
  • SOL and MATIC are down more than 10%.

After bitcoin rose above $24,000, its volatility increased as Tesla said it sold 75% of its BTC assets, or bitcoins worth $936 million, in the second quarter to raise cash.

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However, Tesla CEO Elon Musk stressed that this should not be construed as a judgement on bitcoins, “as the company was selling BTC because of ‘uncertainty over when the COVID blockchain in China will be lifted’ and it was important for the company to maximise its cash flow.

“We are certainly open to increasing our bitcoin assets in the future,” Musk said during the earnings announcement, adding that they had not sold their DOGE.

Despite this assurance, the cryptocurrency market continued to fall after a correction in the Asian stock market.

BTC is currently trading around $22,800 and is down almost 3% in a day and up 13% in a week.

Similarly, most major altcoins are also correcting gains. ETH is down almost 5% and trading below the $1,500 zone. XRP lost profits and is now struggling near the $0.35 level. ADA is down almost 9% and trading below support at USD 0.50.

Bitcoin price

After a significant jump above USD 23,500, the bitcoin price continued to rise. BTC was able to climb above the USD 24,000 mark. However, the bears intensified around USD 24,200 and pushed the price below USD 23,000. On the other hand, initial support is at USD 22,500. The next key support is around USD 22,250, below which the price could fall to USD 21,200.

The nearest resistance is at USD 23,500. The next major resistance could be the USD 24,000 level, above which the price could rise again.

Ethereum price

The Ethereum price struggled to hold above resistance at USD 1,600 . ETH lost some profits and fell below USD 1,500. It is now trading around $1,490, down 5% in one day and limiting the weekly rise to 34%. The next key support is around 1450 USD, below which the price could start a more serious downward correction.

On the other hand, the price could face sellers at the $1,550 level. The next key resistance is the $1,600 level, above which the price could start a new rise.

ADA, BNB, SOL, DOGE and XRP price

Cardano (ADA ) failed in the $0.55 resistance zone. There was a bearish reaction and the price fell 9%. It has traded below USD 0.50 and could go back to the USD 0.465 level.

Binance Coin (BNB) has struggled to overcome resistance at USD 272 and started a downward correction below the USD 262 level. The price is now struggling to hold above $250 support, below which it could fall to $235.

Solana (SOL) is down almost 12% and is trading near the $40 level. If the price closes below support at USD 40, the price could fall to the support zone at USD 38.

The DOGE has tested the 0.075 USD resistance area. It is now correcting below the support level of USD 0.0700. If the bears continue to act, the price could fall to the support level of USD 0.065.

The XRP price has broken below USD 0.388 resistance. It has cut gains and is now consolidating around the USD 0.35 level. Further losses could push it towards USD 0.332.

Other altcoin markets today

Many altcoins are down, including DOT, MATIC, AVAX, SHIB, TRX, UNI, CRO, LINK, ETC, XLM, ALGO, BCH and VET. Of these, MATIC fell 14% and approached $0.80, making it the worst performer among the top 100 crypto-assets by market capitalisation today. Nevertheless, the price rose 27% in one day.

Overall, the bitcoin price is correcting gains from the $24,200 area. If BTC falls below USD 22,500, it could even fall to USD 21,200.

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