Bitcoin, Ethereum and Altcoins Remain In Downtrend
Bitcoin price is at a risk of more losses below USD 31,000. Ethereum could continue declining towards USD 1,750, XRP settled below the USD 0.60 pivot level. STX, RUNE, and AXS are down over 12%.
Bitcoin price remains in a bearish zone below the USD 32,500 resistance. BTC is currently (04:34 UTC) showing bearish signs and it could even continue lower below USD 31,000. The main breakdown support is still near the USD 30,000 level.
Similarly, most major altcoins are moving lower. ETH is now trading well below USD 2,000 and it might even trade below USD 1,800. XRP is also trading in the red zone below the USD 0.60 pivot zone.
Total market capitalization
After a close below USD 32,500, bitcoin price remained in the bearish zone. BTC even settled below the USD 32,000 support level to move further into a bearish zone. An immediate support is near the USD 31,000 level. A close below the USD 31,000 support could set the pace for a larger decline. In this case, the price may even dive below USD 30,000.
An immediate resistance on the upside is near the USD 32,000 level. The main weekly resistance is now forming near the USD 33,000 level, above which the price could accelerate higher.
Ethereum price failed to stay above the USD 2,000 and USD 1,980 support levels. ETH declined below USD 1,920 and it might continue to move lower below USD 1,880. The next key support is near the USD 1,840 level, below which the price might decline towards the USD 1,750 level.
If there is a fresh increase, the price might face resistance near USD 1,980. The main weekly resistance is now forming near the USD 2,000 and USD 2,050 levels.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) broke the key USD 1.20 support zone. ADA is accelerating losses and it could even trade below USD 0.170. The next major support sits near the USD 1.150 level, below which the price might dive towards the USD 1.10 level in the near term.
Litecoin (LTC) traded below USD 120 to move into a bearish zone. LTC could decline below the USD 115 support level and continue lower. In the mentioned scenario, the bears might aim for a test of USD 105 and USD 100.
Dogecoin (DOGE) settled below the USD 0.200 support level. DOGE is showing bearish signs and it is now trading below USD 0.180. It seems like the price might even trade below USD 0.165. The next major weekly support is near USD 0.150, where the bulls might take a stand.
XRP price broke the USD 0.600 support level to enter a bearish zone. The current price action suggests chances of more downsides below USD 0.580. The next key support is near USD 0.550. Any more losses could trigger a move towards the USD 0.500 level.
Other altcoins market today
Many altcoins declined over 5%, including AXS, RUNE, STX, SUSHI, FLOW, RVN, SNX, MANA, CHSB, HBAR, and AVAX. Out of these, AXS dropped over 15% and it even traded below USD 17.50. Meanwhile, XEM and KLAY are up by around 5%-6%.
Overall, bitcoin price is showing bearish signs below USD 32,500 and USD 32,000. If BTC fails to stay above USD 31,000 and USD 30,000, there could be a sharp decline in the near term.