Bitcoin Drops Towards USD 41K, Ethereum and Altcoins Dive Against BTC
- Bitcoin price corrected lower below USD 42,000.
- Ethereum declined sharply below USD 3,000, XRP is down 9%.
- BNB and SOL are down over 9%.
Bitcoin price failed to surpass the USD 45,000 resistance level, while news from China accelerated its correction. BTC is currently (11:47 UTC) trading below USD 41,500 and is down by 6.5% in a day.
Besides, most major altcoins are accelerating lower. ETH is down 11% and it broke the USD 2,800 support zone. XRP is down 9% and it could revisit the USD 0.850 support. ADA declined below USD 2.20, but it might find support near USD 2.00.
Total market capitalization
After a failed attempt near USD 45,000, bitcoin price started a fresh decline. BTC corrected lower below USD 44,000 and USD 43,500. The price even broke the USD 43,000 support to move into a short-term bearish zone. The next key support is near the USD 41,200 zone. A daily close below USD 41,200 could open the doors for a move towards the USD 40,000 level.
On the upside, an initial resistance is near the USD 43,000 level. The next major resistance is near USD 43,500, above which the price might start a fresh increase.
Ethereum price started a sharp decline below the USD 3,000 support. ETH traded below the USD 2,920 and USD 2,800 support levels. If it fails to return above USD 2,800, there is a risk of a drop towards the USD 2,650 level. The next major support could be near the 2,500 level.
If there is a fresh increase, an immediate resistance is near the USD 2,880 level. The main hurdle could be USD 3,000, where the bears might take a stand.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) declined almost 6% and it broke the USD 2.20 support level. The main support is now near USD 2.00. If there is a close below USD 2.00, there is a risk of a move towards the USD 1.92 level. Conversely, the price might face a major resistance near the USD 2.20 level.
Litecoin (LTC) declined 10% and it broke the USD 150 support. The price even declined below USD 145 and it might continue to move down. The next major support is near USD 132, below which the price could accelerate lower towards the USD 110 level.
Dogecoin (DOGE) failed to stay above the USD 0.205 and USD 0.210 support levels. If there is a close below USD 0.200, the price might slide towards the USD 0.188 level. The next major support is at USD 0.180. On the upside, the USD 0.212 level is a key resistance.
XRP price is down 9% and it settled below the USD 0.950 level. There was a clear break below USD 0.920, opening the doors for more losses. The next key support is at USD 0.850, below which the price might decline further in the coming sessions.
Other altcoins market today
Many altcoins are down over 8%, including HT, OKB, FIL, MDX, CAKE, MKR, SUSHI, HNT, ICP, MINA, AUDIO, UNI, ETC, and HOT. Conversely, REN is still up 17%, but it is now below USD 1.0 again.
To sum up, bitcoin price is trimming gains and trading below USD 43,000. If there is a close below USD 42,000 and USD 41,500, there could be a decline towards USD 40,000.