Bitcoin and Ethereum Reverse Gains, Altcoins Turn Red
- Bitcoin price trimmed gains and traded below USD 30,000.
- Ethereum is down almost 7%, XRP is now below USD 0.40.
- BNB declined almost 8% and tested the USD 285 support.
Bitcoin price tried to increase its gains above the USD 31,500 level but struggled to continue higher towards the USD 31,800 level. There was a sharp bearish move and the price is currently (04:07 UTC) trading near USD 29,500. BTC is down almost 6% in a day and 7% in a week.
Similarly, most major altcoins trimmed gains. ETH dived and traded below the USD 1,800 level. XRP traded below USD 0.40 and tested USD 0.38. ADA failed to stay above the USD 0.60 pivot level.
Total market capitalization
After a move above the USD 31,200 resistance, bitcoin price climbed above USD 31,500. However, BTC struggled to continue higher and formed a short-term top near the USD 31,700 level. As a result, there was a sharp bearish reaction below the USD 30,000 support and BTC briefly spiked below USD 29,500. The next major support is near the USD 28,500 zone, below which the price could start a stronger decline.
On the upside, an initial resistance is near the USD 29,800 level. The next key resistance is near USD 30,000, above which the price could start a recovery wave.
Ethereum price failed to clear the main USD 1,920 resistance. There was a strong decline below the USD 1,850 and USD 1,800 support levels. ETH is down almost 7% in a day and trading below USD 1,750. The price is also down 12% in a week. On the downside, an initial support is near the USD 1,700 level. The next major support is near USD 1,650, below which the price might decline stronger.
On the upside, the price might face sellers near USD 1,800. The next key resistance is at USD 1,850, above which the price might recover steadily.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) attempted a clear move above the USD 0.65 resistance but failed. The bulls lost control and the price declined below the USD 0.60 support zone.
BNB is down almost 8% and is trading well below the USD 300 level. It even tested the USD 285 support level. If the bears remain in action, the price may perhaps decline towards USD 265.
Solana (SOL) failed to surpass the USD 45 resistance zone. It trimmed gains and traded below the USD 40 support. Any more losses might send the price towards the USD 36 support.
DOGE failed to stay above the USD 0.0800 support level. It is trading near the USD 0.0780 level. A clear move below the USD 0.0780 level might call for a test of USD 0.0750.
XRP price is back below the USD 0.40 pivot level and is trading near the USD 0.38 support zone. If there are additional losses, the bears might test the USD 0.35 support.
Other altcoins market today
Many altcoins are down over 5%, including DOT, AVAX, SHIB, MATIC, CRO, LTC, NEAR, LINK, XLM, BCH, XMR, ETC, and ATOM. Out of these, AVAX is down over 10%.
Overall, bitcoin price trimmed all its gains this week and traded below USD 30,000. If BTC slides below USD 29,000, it could even struggle to stay above USD 28,500 in the near term.