Cryptocurrency Market February 22, 2022: Bitcoin and Ethereum Increase Losses, Altcoins Fall

Cryptocurrency Market February 22, 2022: Bitcoin price attempted to rally above $38,000. However, BTC failed to break the $39,500 resistance and at 04:22 UTC BTC was trading near $36,700, down 6% in one day and hitting a three-week low.

Similarly, most major altcoins are gaining bearish momentum. ETH broke below the $2,600 support and is down 7% in one day. XRP is down nearly $0.68, while ADA is down 14% to $0.82.

Cryptocurrency Market February 22, 2022: bitcoin price

After a short term upward correction, bitcoin price is facing sellers near $39,500. BTC failed to extend the bullish momentum and fell below the $37,200 support. On the upside, the $36,500 level is a good support. The next key support is near $36,200, below which a drop to $35,000 is possible.

On the upside, the price might face resistance near $37,800. The next key resistance is near $38,200, above which a rally to $39,500 is possible.

Cryptocurrency Market February 22, 2022: Ethereum price

Ethereum price also followed a similar pattern, falling from $2,750 to near the $2,550 support. The next key support is near the $2,480 and $2,450 levels.

If there is a recovery wave, the price could face hurdles near $2,680. The next key resistance is near the $2,750 zone, above which the price can test $2,880.

Cryptocurrency Market February 22, 2022: Price of ADA, BNB, SOL, DOGE and XRP

Cardano (ADA) gained bearish momentum below the $0.90 support. It even dropped below $0.88 and broke the $0.842 support area. The current price action suggests a larger downside potential towards the $0.820 level.

BNB is down 9% and is trading below $360. The next major support is near the $350 level. Any further downside could set the stage for a move towards the $332 support.

Solana (SOL) failed to break the $95 resistance and started a renewed decline. It is down almost 13% and is trading below $85. If the bears remain active, a test of $75 is possible.

DOGE broke the critical $0.135 support and tested $0.125. If the bears remain active, a test of $0.122 is possible. On the upside, $0.135 can act as resistance.

XRP price is down 14% and it is trading below $0.70. The next major support is near $0.665, where the bulls could take a stand. If there is a recovery, the $0.725 level can act as resistance.

Cryptocurrency Market February 22, 2022: Other altcoin market

Many altcoins are down more than 10%, including SOL, AVAX, SHIB, MATIC, LTC, ATOM, NEAR, UNI, ALGO, MANA, XLM, FTM, and ICP. Of these, MATIC is down 13% and trading below $1.40, bringing its weekly loss down 17%.

Overall, bitcoin price is gaining bearish momentum below the $38,000 support. If BTC slips below $36,000, it could soon test $35,000.

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