02 Aug 2021 · 2 min read

Bitcoin, Ethereum, and Altcoins Halt Rally, Correct Gains

Bitcoin price started a downside correction and traded below USD 40,000. Ethereum corrected lower from USD 2,700, XRP is trading above USD 0.700. QNT is still outperforming and it is above USD 160.

This past weekend, bitcoin price extended its increase above the USD 42,000 resistance. However, BTC failed to gain traction above USD 42,500. It started a downside correction and it is currently (04:28 UTC) trading below USD 39,800.

Similarly, most major altcoins corrected gains. ETH climbed higher towards USD 2,700 before it dipped 5%. XRP also rallied towards USD 0.780 before correcting gains.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

This past week, bitcoin price saw a steady increase above the USD 40,000 resistance. BTC even broke the USD 41,200 and USD 42,000 resistance levels. However, the bulls failed to remain active above USD 42,500 and the price dropped below USD 40,000 again.
On the downside, the USD 39,500 level is an immediate support. The next key support is near USD 39,200, below which the price might test the main weekly support near USD 37,000. Conversely, it might rise towards the USD 42,000 resistance again.

Ethereum price

Ethereum price outperformed bitcoin and it climbed higher above the USD 2,500 resistance. ETH even surpassed USD 2,650 and it tested the USD 2,700 resistance zone. It is now correcting gains and trading below USD 2,600. The first major support is now forming near USD 2,500.
On the upside, the bears might remain active near USD 2,650 and USD 2,700. Any more gains could set the pace for a move towards the USD 3,000 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) gained pace above the USD 1.32 resistance. ADA even broke USD 1.35, but it failed to test USD 1.40. It is back below USD 1.35 and it is consolidating near USD 1.32. The next key support is near USD 1.30, below which there is a risk of a drop towards the USD 1.25 level.
Litecoin (LTC) spiked above the USD 145 resistance level. However, LTC failed near the USD 150 resistance. It corrected gains and declined below USD 145. The first key support is near the USD 140 level. Any more losses might lead the price towards the USD 132 weekly support.
Dogecoin (DOGE) underperformed and it remained below the USD 0.220 resistance. The price is now consolidating above the USD 0.200 support. If there are more downsides, the price might test the USD 0.180 level. The next major support sits near the USD 0.165 level.
XRP price remained in a positive zone above the USD 0.700 resistance. The price climbed above USD 0.750, but it failed just below USD 0.780. It is now consolidating above the USD 0.720 and USD 0.700 support levels. The main breakdown support is forming near the USD 0.650 pivot zone.

Other altcoins market today

Many altcoins declined over 5%, including SC, ICX, MIOTA, ZIL, XEM, SNX, AMP, XLM, ONT, THETA, FTM, BAT, and MANA. Out of these, SC declined over almost 17% and it traded below USD 0.0160. Meanwhile, DGB and QNT are up by 5%-10%.

Overall, bitcoin price is correcting gains below USD 40,000. BTC might correct further lower, but the bulls could take a strong stand near the USD 37,000 support zone in the coming sessions.
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