Bitcoin, Ethereum Bears Gain Control, STX Accelerates
- Bitcoin price extended decline below USD 39,200.
- Ethereum traded below the USD 2,920 support, XRP is down 5%.
- STX went almost vertical before trimming some of its gains.
Bitcoin price failed to stay above the USD 40,000 pivot level and extended decline below the USD 39,200 support level. It is currently (12:00 PM UTC) trading below USD 39,100 and might decline below USD 38,500.
Similarly, most major altcoins are gaining bearish momentum. ETH declined below the USD 2,920 support level while XRP is hovering below USD 0.75. ADA declined 7% and traded below the USD 0.90 support.
Total market capitalization
After a close below USD 40,000, bitcoin price extended its decline and is now down almost 4% in a day. An immediate support on the downside is near the USD 38,500 level. The next key support is near USD 38,200, below which the price might dive to USD 37,500.
On the upside, an initial resistance is near the USD 39,500 level. The next key resistance is now forming near the USD 40,000 level, where the bears might take a stand.
Ethereum price also gained bearish momentum after it settled below USD 3,000. ETH declined below USD 2,920 and is now struggling to stay above USD 2,900. The price dropped over 4% in a day. The next major support is near the USD 2,840 level, below which the price could test USD 2,750.
On the upside, ETH might face resistance near the USD 2,950 level. The next key resistance might be near the USD 3,000 level (a pivot zone).
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) extended decline below the USD 0.920 and USD 0.900 support levels. The price is now approaching the USD 0.865 support, below which it may perhaps test the USD 0.850.
BNB traded below the USD 405 support level. The bears are now attempting a close below the USD 400 support zone. If they succeed, the price might decline towards the USD 385 support.
Solana (SOL) is down almost 6% and there was a clear move below the USD 100 pivot level. The next major support is near the USD 92 level, below which the price could test USD 85.
DOGE declined further and tested the USD 0.135 support. The next major support is near the USD 0.132 level, below which the price may perhaps struggle to stay above the USD 0.130 level.
XRP price declined 5% and traded below the USD 0.75 level. It may soon test the USD 0.72 support zone. Any more losses could send the price towards the USD 0.70 level. On the upside, the USD 0.75 might act as a resistance in the near term.
Other altcoins market today
Many altcoins are down over 5%, including, AVAX, DOT, SHIB, MATIC, NEAR, LTC, ATOM, LINK, UNI, BCH, ETC, XLM, and MANA. Meanwhile, STX jumped around 20% in one hour and hit USD 1.32 before correcting to USD 1.27. The price is still up 9% in a day and 3% in a week. However, DCR is still the best performer among the top 100 cryptoassets by market capitalization today, despite it trimming some of its gains. It’s up 28% in a day and trading above USD 73.
To sum up, bitcoin price is accelerating downwards below the USD 39,500 level. If BTC slides below USD 38,500, it could even test the USD 37,500 level in the coming sessions.