Bitcoin and Ethereum Struggle to Recover, BNB and SOL Dive
- Bitcoin price struggles to recover above USD 29,600.
- Ethereum is consolidating above USD 1,720, XRP settled below USD 0.40.
- SOL and BNB are the worst performers among the top 10 coins.
Bitcoin price declined below the USD 30,000 support zone and even spiked below the USD 29,500 level before recovering. It is currently (11:36 UTC) consolidating losses above USD 29,500 and is down 6% in a day and 7% in a week.
Similarly, most major altcoins might extend losses. ETH could decline further if it trades below USD 1,720. XRP settled below the key USD 0.40 pivot level. ADA is down over 7% and is trading below USD 0.592.
Total market capitalization
After a sharp bearish wave, bitcoin price settled below the USD 30,000 pivot level. BTC even spiked below USD 29,500 before it started a consolidation phase. The price is now showing bearish signs and remains at a risk of more losses below the USD 29,000 support. The next major support is near the USD 28,500 zone, below which the price could extend its losses.
On the upside, an initial resistance is near the USD 30,000 level. The next key resistance is near USD 30,500, above which the price could start a stronger increase.
"In line with our comments last week, BTC remains weak until it conclusively breaches the USD 31,000 to USD 32,000 range. However, we continue to see some buying below USD 30,000 that is keeping the price afloat. We are expecting some directional action in the coming week or so, as Bitcoin either breaks out of the current range or breaks down to look for a lower low. Currently, the probability of a break down appears higher than a break upwards," Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, said in an emailed comment.
Ethereum price also declined sharply below the USD 1,850 and USD 1,800 support levels. ETH settled below USD 1,800, but it is holding the USD 1,720 support level. ETH is down 8% in a day and almost 12% in a week. The next major support is near USD 1,700, below which the price might even test the USD 1,650 support zone.
On the upside, an immediate hurdle for the bulls is near the USD 1,800 zone. The next key resistance is at USD 1,850, above which the price might start a recovery wave.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) declined 7% and settled below the USD 0.60 level. It even tested the USD 0.580 support. If the bears remain in action, there is a risk of a move towards the USD 0.565 level.
BNB gained pace for a move below the USD 300 support. It even broke the USD 285 support and it seems like the price might extend losses and test the USD 265 support. Conversely, it could recover and test the USD 300 resistance. BNB is down almost 11% in a day and 12% in a week.
Solana (SOL) declined heavily and even broke the USD 40 support. It is down over 13% and might dive towards the USD 38 level. The next major support is near the USD 36 level. SOL is also down 17% in a week.
DOGE is consolidating near the USD 0.0800 level. If there is a recovery wave, the price might face resistance near the USD 0.0825 level. Conversely, there could be another decline toward the USD 0.0750 support.
XRP price settled below the USD 0.40 pivot. It even traded close to the USD 0.38 support zone. The bulls are now protecting USD 0.38 and they might attempt a recovery wave above USD 0.40.
Other altcoins market today
Many altcoins are down over 5%, including DOT, AVAX, SHIB, MATIC, CRO, LTC, UNI, NEAR, LINK, XLM, BCH, XMR, ETC, and FLOW. Meanwhile, GALA and LEO are up around 3%.
To sum up, bitcoin price is showing bearish signs below USD 30,000. If BTC fails to recover above USD 30,500, it could extend losses below the USD 29,500 support.