After nose-diving from trading above $68,000, Bitcoin (BTC) has slipped to trade below $57,000 as the overall crypto market bleeds.
Besides Bitcoin (BTC), Ethereum and the majority of top 100 cryptocurrencies have registered double-digit drops in the last week. Ethereum for example has slipped from trading above $4,800 to trading below $4,200.
Important Bitcoin (BTC) price levels
After slipping below $60,000, all eyes were on the $58,000 support which Bitcoin simply ignored as it nosedived below even the support level at $57,000.
At its current price ($56,422.63) all eyes are on the initial support at $56,200 and the resistance level at $57,000.
If the price drops past the $56,200 level, investors could be looking for a drop towards $55,500 or $55,000.
On the upside, if the BTC price rises past $57,000, investors could be looking at a short-term rise to $58,000 or $58,500.
Important Ethereum (ETH) price levels
When Ethereum started to dive, all eyes were on the support at $4,350, which it simply chose to ignore as it nosedived as it slipped even past the $4,200 support.
At its current price of $4,133.00, all eyes are on the initial support at $4,000 and the resistance level at $4,250.
If the ETH price dives past the $4,000 support, investors could be bracing themselves for a long bearish ride towards $3,700.
On the upside, if the price surges to above $4,250, investors could set their eyes on the resistance level at $4,350.
Altcoins that have gained
While the majority of altcoins have been in the decline, some metaverse, NFTs and DeFi tokens like SAND, AVAX, AMP, EGLD, Crypto.com coin, MANA, ENJ, and GALA have registered a double-digit rise in the last seven days.
In the past week, GALA is up 208%, The Sandbox (SAND) is up 108%, Crypto.com coin is up 84%, Elrond (EGLD) is up 77%, Avalanche (AVAX) is up 47%, Decentraland (MANA) is up 37%, Enjin Coin (ENJ) is up 31%, and AMP is up 20%.