Bitcoin, Ethereum and Altcoins Show Signs of Another Decrease
- Bitcoin price is likely to resume its decline below USD 31,500.
- Ethereum could revisit USD 1,865, XRP could trade towards USD 0.580.
- AXS is still holding gains above USD 25, BAKE is up over 15%.
Bitcoin price failed to climb above the USD 33,000 and USD 33,200 resistance levels. BTC is slowly moving lower and it is trading well below USD 32,500. The current (11:45 UTC) price action suggests high chances of more downsides below USD 31,500.
Similarly, most major altcoins are slowly moving lower, including ethereum, DOGE, ADA, EOS, XRP, BNB, XLM, LINK, UNI, bitcoin cash, DOT, and litecoin. ETH topped near USD 2,040 and it resumed its decline below USD 2,000. XRP is likely to accelerate its decline below USD 0.600.
Total market capitalization
After a short-term upside correction, bitcoin price failed to surpass USD 33,200. BTC started a fresh decline below the USD 32,500 support. It even moved below USD 32,000 and it seems like there are high chances of more downsides. A proper break through USD 31,500 may possibly set the pace for a drop towards the USD 30,000 zone.
On the upside, the USD 32,500 level is a short-term resistance. The main resistance is now forming near the USD 33,000 and USD 33,200 levels.
Ethereum price topped near the USD 2,040 level and it started a fresh decline following bitcoin. ETH moved below the USD 2,000 and USD 1,980 support levels. If ETH breaks the USD 1,880 support, it could decline below the USD 1,865 level.
The next key support is near the USD 1,780 level. On the upside, the USD 1,980 and USD 2,000 levels are important barriers. The main breakout zone is still near the USD 2,050 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) was rejected above USD 1.25. It is now moving lower and it may soon test the USD 1.20 support. If there are additional losses, the bears might aim a test of USD 1.18. The next major support sits near USD 1.65. On the upside, the USD 1.25 is a key barrier in the near term.
Litecoin (LTC) is stuck near the USD 125 level. It seems like the bears might soon attempt a push below USD 120. If they succeed, the next stop could be near the USD 112 level. On the upside, the USD 132 is a strong pivot level.
Dogecoin (DOGE) is facing an uphill task near the USD 0.200 level. If there is a break below USD 0.180, the price could tumble. In the stated case, the price could easily dive towards the USD 0.165 level.
XRP price is consolidating near the USD 0.620 level. If there is a break below the main USD 0.600 support, the bears are likely to take control. The next major support is near USD 0.580, below which the price might decline towards the USD 0.550 level.
Other altcoins market today
In the past few hours, a few altcoins gained over 5%, including AXS, BAKE, MANA, ENJ, CHZ, FLOW, XEM, STX, and QNT. Out of these, AXS is trading nicely above the USD 25 level.
To sum up, bitcoin price is sliding after it was rejected above the USD 33,000 level. If BTC continues to move down, the bulls might not be able to protect USD 31,500 and USD 31,200.