Cryptocurrency Market February 9, 2022: Bitcoin and Ethereum Start Correcting Down

Crypto Markets February 9, 2022: Bitcoin price surged above the $45,000 resistance area before the bears emerged. BTC reached almost $45,300 and started a downside correction. As of 04:23 UTC, BTC is trading near $43,500 and it could test $42,750 support.

Similarly, most major altcoins are also falling. ETH surged above $3,200 before falling below $3,100. XRP is currently consolidating gains near the $0.85 level. ADA is down 6% and is trading near $1.15.

Cryptocurrency Market February 9, 2022: Bitcoin Price

After encountering resistance near $45,500, bitcoin price started a downside correction and moved below $43,000 before recovering to the upside. On the upside, immediate support is near $43,000. The next key support is $42,750, below that a drop to $42,000 is possible.

On the upside, initial resistance is near $43,850. The next major resistance is near the $44,000 level, above which the bulls may retest the $45,000 level.

Cryptocurrency market February 9, 2022: Ethereum price

Ethereum price also tried to break the $3,200 resistance but failed. As a result, ETH started a downside correction below $3,100 and it was able to test the $3,040 support. The next major support is near the $3,000 level, below which there is a risk of a sharp decline.

If there is another rally, the price might face resistance near $3,150. The next key resistance remains at $3,200.

Cryptocurrency market February 9, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) is down 6% and trading below $1.20. It is approaching the $1.15 support level. If there is downward movement, the price can drop to $1.12. The next major support is near the $1.08 level.

Binance Coin (BNB) is also down nearly 6% and is trading below $420. It may soon test the $400 support area. If the bulls fail to defend $400, a drop to $385 support is possible.

Solana (SOL) falls to the USD 110 level. The next key support is at $105. A clear move below $105 can push the price below the $100 support.

DOGE surged to $0.175 before starting a downside correction. The price is moving towards USD 0.150. If there are more losses, DOGE can test the $0.142 support in the coming sessions.

XRP price is trading near $0.85. Immediate support is near the $0.82 level, below which it could test $0.80. Otherwise, it may return to the $0.90 resistance area.

Cryptocurrency Market February 9, 2022: Another altcoin market

Many altcoins are down more than 5%, including LUNA, DOT, SHIB, MATIC, ATOM, LINK, NEAR, UNI, ALGO, BCH, FMT, and XLM. In contrast, LEO is still up almost 56% and trading near $7.50 after hitting a new all-time high of $8.14 (per Coingecko) according to news from Bitfinex.

Overall, bitcoin price corrects gains above $45,000. If BTC stays above $42,750, there could be a fresh surge in the coming sessions.

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