Bitcoin and Ethereum Extend Losses, Altcoins Tumble
- Bitcoin price failed to clear USD 40,000 and resumed downtrend.
- Ethereum extended decline below USD 2,600, XRP is down 14%.
- SHIB, MATIC, and ADA are down over 10%.
Bitcoin price attempted a recovery wave above USD 38,000. However, BTC failed to surpass the USD 39,500 resistance level and is currently (04:22 UTC) trading near USD 36,700, dropping 6% in a day and reaching almost three-weeks lows.
Similarly, most major altcoins are gaining bearish momentum. ETH declined below the USD 2,600 support level and is down 7% in a day. XRP dropped near USD 0.68 while ADA dived 14%, reaching USD USD 0.82.
Total market capitalization
Bitcoin price
After a short-term upside correction, bitcoin price faced sellers near the USD 39,500 level. BTC failed to extend gains and fell below the USD 37,200 support level. On the downside, the USD 36,500 level is a decent support. The next key support is near the USD 36,200 level, below which the price could decline towards the USD 35,000 level.
On the upside, the price might face resistance near the USD 37,800 level. The next key resistance is near the USD 38,200 level, above which the price might rise to USD 39,500.
Ethereum price
Ethereum price also followed a similar pattern and declined from USD 2,750 to near the USD 2,550 support level. The next key support is near the USD 2,480 and USD 2,450 levels.
If there is a recovery wave, the price might face hurdles near USD 2,680. The next key resistance is near the USD 2,750 zone, above which the price may perhaps test USD 2,880.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained bearish momentum below the USD 0.90 support. It even declined below USD 0.88 and breached the USD 0.842 support zone. The current price action suggests more possible losses towards the USD 0.820 level.
BNB is down 9% and trading below the USD 360 level. The next major support is near the USD 350 level. Any more downsides might set the pace for a move towards the USD 332 support.
Solana (SOL) failed to clear the USD 95 resistance level and started a fresh decline. It is down almost 13% and trading below USD 85. If the bears remain in action, the price may perhaps test the USD 75 level.
DOGE broke the key USD 0.135 support level and tested USD 0.125. If the bears remain in action, the price might test the USD 0.122 level. On the upside, the USD 0.135 could act as a resistance.
XRP price declined 14% and traded below the USD 0.70 level. The next major support is near the USD 0.665, where the bulls might take a stand. If there is a recovery, the USD 0.725 level might act as a resistance.
Other altcoins market today
Many altcoins are down over 10%, including SOL, AVAX, SHIB, MATIC, LTC, ATOM, NEAR, UNI, ALGO, MANA, XLM, FTM, and ICP. Out of these, MATIC is down 13% and traded below USD 1.40, increasing its weekly losses to 17%.
Overall, bitcoin price is gaining bearish momentum below the USD 38,000 support. If BTC slides below USD 36,000, it might soon test the USD 35,000 level.
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