Cryptocurrency market on Feb 18, 2022: Bitcoin Drops Nearly $40,000, Ethereum Below $3,000, Altcoin Was Red Too

Cryptocurrency market February 18, 2022: Bitcoin price starts falling further after failing to stay above the $42,500 support area. BTC even dropped below $41,200 and traded near $40,000. As of 04:18 UTC, BTC is correcting losses near $40,700 but the bears can work near $41,200.

Similarly, most major altcoins are down more than 5%. ETH fell more than 5% and it broke the $2,950 support. XRP is currently trading below $0.80. ADA tested the critical $1.00 support area.

Cryptocurrency market February 18, 2022: Bitcoin price

After falling below $42,500, bitcoin price accelerated to lose ground. BTC extended its decline below the $41,200 support and tested the $40,000 support area. It is currently consolidating losses with the immediate barrier at $41,000. The next resistance is near $41,200, above which a rally to $42,000 is possible.

On the upside, the $40,200 level is a good support. The next key support is near $40,000, below which the price could accelerate the downside.

Cryptocurrency market February 18, 2022: Ethereum price

Ethereum price is down more than 5% and it moved well below the $3,000 support. ETH even tested the $2,850 level before recovering above $2,900. A drop to $2,780 is possible on more losses.

If there is a recovery wave, the price might face resistance near $2,950. The next key resistance is near the $3,000 zone, above which the price could test $3,050.

Cryptocurrency market February 18, 2022: Prices of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) gained bearish momentum below the $1.05 support. It even dropped below $1.02 and tested the $1.00 support area. A break below $1.00, a drop to $0.95 is possible.

BNB is testing the $405 support area. With further losses, the price can drop to $380.

Solana (SOL) is down 4% and is trading below $100. The next major support is near the $92 level, below which there is a risk of a move towards the $85 support area.

DOGE broke the critical $0.140 support before recovering. If the bears remain active, a test of $0.135 is possible. In this case, it can drop to $0.132.

XRP price is down 4% and it moved well below the $0.80 support. It even tested the $0.75 support. If there is a recovery wave, previous support at $0.80 could act as resistance.

Cryptocurrency market Market February 18, 2022: Another altcoin market

Many altcoins are down more than 6%, including AVAX, LUNA, DOT, SHIB, MATIC, CRO, WBTC, LTC, ATOM, LINK, NEAR, and UNI. Among the best-performing stocks are NEO and KLAY, which have barely changed in a day.

Overall, bitcoin price fell below the $42,000 support. BTC could extend losses if the bulls fail to defend the $40,000 support area.

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