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fter breaking through the USD 24,000 barrier, bitcoin's volatility increased as Tesla announced that it sold 75 percent of its BTC holdings, or USD 936 million in bitcoin, in the second quarter to raise cash.

However, Tesla CEO Elon Musk stressed that "this should not be interpreted as a verdict on Bitcoin," as the company sold BTC because they "were uncertain as to when the COVID lockdowns in China would be lifted."

The company needed to optimize its capital base. “We are certainly open to increasing our Bitcoin holdings in the future,” Musk stated that they had not sold their DOGE.

Despite this reassurance, the crypto market has resumed its decline in response to an adjustment in the Asian stock market. Correspondingly, the majority of major altcoins are correcting gains. ETH is down nearly 5% and trading below $1,500. XRP's profits have been pared, now trading near USD 0.35. ADA dropped almost 9% and traded below the USD 0.50 support level.

Bitcoin value

Bitcoin price extended gains after breaking through the USD 23,500 barrier. BTC was able to rise above the USD 24,000 mark. However, bears were active near the USD 24,200 level, pushing the price below USD 23,000. On the downside, initial support is near USD 22,500. The following support is near the USD 22,250 zone, below which the price could fall to USD 21,200.

The immediate resistance is near USD 23,500. The next major resistance level could be USD 24,000, above which the price could begin to rise again.

Ethereum price

The price of Ethereum has struggled to stay above the USD 1,600 resistance level. ETH lost some of its gains and fell below USD 1,500. It is now trading near USD 1,490, down 5% in a day and reducing weekly gains to 34%. The next major support is near USD 1,450, below which the price may begin a more severe downward correction.

On the bright side, the price may encounter sellers close to USD 1,550. The next huge resistance is at USD 1,600, above which the cost may begin to rise again.

Price of ADA, BNB, SOL, DOGE, and XRP

Cardano (ADA) fell short of the USD 0.55 resistance level. The price decreased by 9% as a result of the bearish reaction. It fell below USD 0.50 and may return to USD 0.465.

BNB failed to break through the USD 272 resistance level and began a downward correction below the USD 262 level. The price is currently struggling to stay above the USD 250 support level, which could fall to USD 235.

Solana (SOL) is down nearly 12% and trading near the USD 40 mark. If the price falls below the USD 40 support, it may fall towards the USD 38 support zone.

DOGE encountered resistance at USD 0.075. It is currently correcting lower beneath the USD 0.0700 support level. If the bears persist, the price may fall to the USD 0.065 support.

The XRP price has struggled to stay below the USD 0.388 resistance level and pared its gains, settling near the USD 0.35 level. Any further losses could send it down to USD 0.332.

Other Altcoins

DOT, MATIC, AVAX, SHIB, TRX, UNI, CRO, LINK, ETC, XLM, ALGO, BCH, and VET are among the altcoins in the red zone. MATIC, the worst performer among the top 100 crypto assets by market capitalization today, fell 14 percent and approached USD 0.80. The price has risen by 27 percent in one day.

In general, bitcoin's price is retracing its gains from the USD 24,200 level. If Bitcoin falls below USD 22,500, it may even fall to USD 21,200.

Source:
https://cryptonews.com/news/bitcoin-ethereum-altcoins-follow-stocks-down-despite-elon-musk-is-open-to-buy-btc-again-after-selling-75-of-teslas-stash.htm

Posted 
Jul 21, 2022
 in 
Crypto News
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