Bitcoin price failed to remain stable above the USD 48,000 support zone. BTC started a fresh decline and it broke the USD 45,000 support zone. It is currently (04:50 UTC) showing bearish signs.
Most major altcoins declined more than 10%. ETH broke the USD 3,500 support zone and it could even test USD 3,000. XRP/USD is trading well below USD 1.35 and it could test the USD 1.25 support zone.
An ambiguous tweet by Tesla‘s Elon Musk prompted speculations that the major electric car maker may or has already sold its BTC holdings. (Updated: later, he confirmed that “Tesla has not sold any Bitcoin”).
— Elon Musk (@elonmusk) May 16, 2021
He earlier said that “obnoxious threads” that are criticizing him for Tesla’s decision to stop accepting BTC payments make him “want to go all-in on Doge.”
Meanwhile, liquidations in the crypto derivatives market are approaching USD 1bn in the past 4 hours and already surpassed USD 2bn in 12 past hours, per bybt.com data. Over 50% of these are BTC trading positions. In a day, almost 287,000 trading positions were liquidated, bringing total liquidations to USD 2.3bn.
After a short-term upside correction, bitcoin price failed to stay above the USD 48,000 pivot level. As a result, BTC started a fresh decline and it broke many supports near USD 46,500 and USD 45,500. The price even traded below USD 43,000 and it is showing a few bearish signs.
The first key support is near the USD 42,000 zone. If the bulls fail to protect the USD 42,000 support zone, the price could accelerate lower towards the USD 40,000 support.
Ethereum price also followed bitcoin and it declined over USD 500. ETH declined sharply below the USD 3,500 and USD 3,380 support levels. There was a spike below the USD 3,200 support level, but the price is trading well above USD 3,000.
As long as the price is stable above USD 3,000, it could start afresh increase. Immediate resistance is near the USD 3,380 level. The main resistance is now near USD 3,500, above which the price might accelerate towards the USD 3,800 level.
Binance Coin (BNB) broke many important supports near USD 550 and USD 525. BNB even spiked below USD 500 and tested the USD 480 zone. It is recovering, but the previous support near USD 525 might act as a resistance. The key barrier for the bulls is now forming near the USD 550 level.
Litecoin (LTC) is down over 10% and it broke the USD 300 support level. LTC tested the USD 265 support and it is now consolidating losses. On the upside, an initial resistance is near the USD 285 level. The key breakout zone is now forming near the USD 300 level.
Dogecoin (DOGE) extended its decline below the USD 0.500 and USD 0.480 support levels. It even tested the USD 0.450 support zone. If there are more downsides, the price could test the USD 0.420 support zone in the near term.
XRP price declined heavily below the USD 1.45 support level. It broke the USD 1.40 level and the price is now approaching the USD 1.35 support. If there are more downsides, the price could test the USD 1.25 support zone. On the upside, the USD 1.40 level is an immediate hurdle.
Many altcoins declined over 15%, including ICP, XVS, BSV, QTUM, EOS, OKB, BCH, BTG, STX, HT, NEAR, OMG, ICX, MANA, and ETC. Conversely, REV gained over 35% and surpassed USD 0.028.
Overall, bitcoin price declined heavily and it is showing bearish signs below USD 45,000. Having said that, BTC could find bids near USD 42,000 and USD 40,000 in the near term.
(Photo : IndiaExpress)
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