Bitcoin and Ethereum Target Additional Losses, Altcoins Slide
- Bitcoin price could soon test USD 40,000.
- Ethereum might struggle to stay above USD 3,000, XRP is approaching USD 0.70.
- ADA, LUNA, and AVAX are down around 7%-9%.
Bitcoin price remained in a bearish zone below the USD 43,000 level. BTC extended decline and traded below the USD 41,500 support. It is currently (12:15 PM UTC) declining towards USD 41,000 and might soon test the USD 40,000 support. BTC is down 4% in a day.
Similarly, most major altcoins are gaining bearish momentum. ETH traded below USD 3,100 and might decline to USD 3,000. XRP is approaching the USD 0.700 support zone. ADA broke the key USD 1.0 support.
Total market capitalization
Bitcoin price
After a close below USD 43,000, bitcoin price followed a bearish path. BTC traded below the USD 42,500 and USD 42,000 levels. It even traded below USD 41,500 and might continue to move down. On the downside, an initial support is near the USD 40,500 level. The next major support is near USD 40,000, below which the price might accelerate lower.
On the upside, the price could face resistance near USD 42,000. The next major resistance is now forming near the USD 42,500 level.
Ethereum price
Ethereum price is down over 6% and there was a clear move below the USD 3,120 support. ETH even traded below the USD 3,080. The next major support is near the USD 3,000 level, below which the price could decline to USD 2,880.
On the upside, the USD 3,120 level is an immediate resistance. The key resistance might be near the USD 3,150 level, above which the price may perhaps start a recovery wave.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is down over 7% and there was a clear move below the USD 1.0 support. ADA even traded below USD 0.98 and seems like there is a risk of a move below the USD 0.95 level.
BNB traded below the USD 405 support. The next major support is near the USD 400 level, below which the bulls might lose control. In this case, the price may perhaps decline toward USD 385.
Solana (SOL) is accelerating lower towards the USD 102 and USD 100 support levels. If there is a bearish close below USD 100, the price might decline stronger in the near term.
DOGE is also down 6% and there was a move below the USD 0.142 support zone. The next major support is near the USD 0.135 level, below which the price might accelerate lower.
XRP price declined 6% and the bears pushed the price below the USD 0.72 support. If the bears remain in action, the price could even decline below the USD 0.70 support. On the upside, the previous support near USD 0.75 may perhaps act as a resistance in the near term.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, AVAX, DOT, NEAR, SHIB, ATOM, MATIC, LINK, ETC, VET, MANA, ICP, LTC, and THETA. Out of these, MATIC dropped almost 7% and it might decline below the USD 1.35 support.
To sum up, bitcoin price is gaining bearish momentum below the USD 41,500 level. If BTC fails to stay above the USD 40,500 support, there could be a drop below the USD 40,000 support level.
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