Bitcoin and Ethereum Break Key Support, Altcoins Dive
- Bitcoin dropped below 38,000.
- Ethereum tested the USD 2,500 support, XRP traded close to USD 0.70.
- LUNA, ZEC, QNT, and FTM are down 8%-18%.
Bitcoin price kept falling below the key USD 40,000 support zone and broke the USD 38,500 support zone. It is currently (04:12 UTC) down 3% and is showing bearish signs near USD 37,900.
Similarly, most major altcoins are gaining bearish momentum. ETH is down 4% and there was a break below USD 2,550. XRP is struggling to stay above the USD 0.70 support. ADA is nearing the USD 0.80 support zone.
Total market capitalization
After a clear move below USD 40,000, bitcoin price gained bearish momentum. BTC declined below the USD 38,500 support zone to move further into the red zone. The bears seem to be in control and there is a risk of more losses below USD 37,000. The next key support is near the USD 36,200 level, below which the price may perhaps decline to USD 35,500.
On the upside, the price could face resistance near the USD 38,500 level. The main weekly resistance is now forming near the USD 40,000 level, above which the price might start a stronger increase.
Ethereum price also gained bearish momentum below the USD 2,800 support zone. ETH broke the USD 2,650 and USD 2,550 support levels. It is also struggling to stay above the USD 2,500 level. The next key support is near the USD 2,440 level, below which the price might dive to USD 2,320.
On the upside, the price is facing resistance near the USD 2,550 level. The next major hurdle could be near the previous support zone at USD 2,650.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) traded below the USD 0.82 support level. The price is now struggling to stay above the USD 0.80 support. If there is a downside break, the price might decline to USD 0.765.
BNB is down 3% and there was a clear move below the USD 385 support level. The price is now trading near the USD 365 support level. Any more losses might send the price towards the USD 350 level.
Solana (SOL) declined 6% and there was a move below the USD 85 support. The price is now approaching USD 80. The next major support is near USD 75, below which the price might test the USD 70 level.
DOGE is trading below the USD 0.120 support. If there is a close below USD 0.120, the price might even decline to USD 0.110. Conversely, a recovery wave towards USD 0.125 might face sellers.
XRP price traded below the USD 0.72 support level but it’s holding the USD 0.70 support. If there is a downside break, the price may perhaps drop to USD 0.665.
Other altcoins market today
Many altcoins are down over 5%, including AVAX, DOT, DOGE, SHIB, MATIC, CRO, ATOM, LTC, NEAR, LINK, UNI, and BCH. Out of these, LUNA is down almost 8% and is trading below USD 80. It’s still up 8% in a week. Meanwhile, WAVES jumped 9%, nearing USD 19 and increasing its weekly gains to almost 67%.
Overall, bitcoin price is showing bearish signs below the USD 38,500 level. If BTC settles below USD 38,000, there could be a move towards USD 36,200 or even USD 35,500.