Bitcoin and Ethereum Correct Gains, Altcoins Struggle
- Bitcoin price failed to climb above USD 40,000 and corrected lower.
- Ethereum is now back below USD 2,550, XRP might test the USD 0.82 support zone.
- ETC is holding gains above USD 70, HOT gained almost 20%.
Bitcoin price gained pace above the USD 38,000 resistance level. However, BTC failed to clear the key USD 40,000 resistance level. It is currently (12:00 PM UTC) correcting lower and it is struggling to stay above the USD 37,000 support.
Similarly, most major altcoins are correcting gains. ETH topped near USD 2,750 and it declined below the USD 2,500 support. XRP trimmed most of its gains and it might revisit USD 0.82.
Total market capitalization
After a failed attempt to surpass USD 40,000, bitcoin price declined below the USD 38,000 support. BTC even broke the USD 37,500 level and it is struggling to stay above USD 37,000. The next support is at USD 36,200, below which the price might retest USD 35,000. Any more losses could lead the price towards the USD 33,200 level.
An initial resistance is near the USD 38,000 level. The first key resistance is near the USD 39,200 level, above which the price might revisit the main USD 40,000 resistance.
Ethereum price also followed bitcoin and it corrected lower from the USD 2,750 high. ETH broke the USD 2,600 and USD 2,550 support levels. It even declined below USD 2,500. If the bulls fail to protect USD 2,400, there is a risk of a drop towards the USD 2,200 level.
On the upside, an initial resistance is near the USD 2,550 level. The main breakout resistance is now near USD 2,700 and USD 2,750.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) topped near the USD 375 level and it corrected lower. BNB broke the USD 350 support level and it tested USD 320. The bulls are now protecting the USD 300 support. If there is a fresh increase, the price could struggle near the USD 350 level.
Litecoin (LTC) failed to surpass the USD 195 and USD 200 resistance levels. LTC declined below USD 180 and it is approaching the USD 160 support. The next key support on the downside is at USD 150. On the upside, the USD 180 level is a pivot zone for a move towards USD 200.
Dogecoin (DOGE) failed to hold gains above the USD 0.350 level. It even tested the USD 0.335 support. If the bears remain in action, there is a risk of a drop towards the USD 0.300 level. If there is a fresh increase, the price could struggle near USD 0.350.
XRP price failed to stay above USD 1.0 and it corrected lower below USD 0.950. The price even broke the USD 0.920 support, but it is holding USD 0.90. As long as the price is above USD 0.90, the price could revisit USD 1.0.
Other altcoins market today
A few altcoins climbed over 10%, including ETC, HOT, FLOW, YFI, QTUM, UNI, MATIC, BTTT, CRV, and KLAY. Out of these, ETC is up over 20% and it is holding gains above USD 70.
To sum up, bitcoin price is correcting gains from USD 40,000. BTC could even revisit USD 36,000 before it starts a fresh move towards the USD 40,000 level in the near term.