Bitcoin and Ethereum Inch Higher, Altcoins Struggle
- Bitcoin price is struggling to recover above USD 43,000.
- Ethereum is still trading well below USD 3,000, XRP is stuck below USD 0.80.
- Many altcoins are down over 5% and showing bearish signs.
Bitcoin price settled below the USD 43,000 to move into a short-term bearish zone. BTC is currently (11:55 UTC) trading near USD 42,200 after recovering from USD 41,700. If it resumes its decline, a close below USD 41,200 could put a lot of pressure on the bulls.
Similarly, most major altcoins are trading in a negative zone. ETH moved from USD 2,845 to the USD 2,880 zone. XRP is below USD 0.80 and might test USD 0.75. ADA is at risk of a move below USD 1.00.
Total market capitalization
After a bearish reaction, bitcoin price broke the USD 42,500 support. BTC even spiked below the USD 42,000 support zone. It tested USD 41,700 before recovering. The next key support is near the USD 41,200 level, below which the price might accelerate lower. In this case, the price might test USD 40,000.
On the upside, an initial resistance is near USD 42,800. The next key resistance is near the USD 43,000 level, above which the price might start a stronger recovery wave.
Ethereum price settled below the key USD 3,000 support. ETH is struggling to stay above the USD 2,820 and USD 2,800 support levels. The next major support is near USD 2,750, below which the price could accelerate lower towards USD 2,640.
Conversely, the price might attempt a recovery wave above the USD 2,900 level. The next key resistance could be near the USD 2,950 zone, above which the bears might appear near USD 3,000.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) extended decline and tested the USD 1.00 support zone. If the bulls fail to protect USD 1.00, there could be a move towards the USD 0.950 support. On the upside, the USD 1.05 is an immediate hurdle.
Binance coin (BNB) settled below the USD 400 level. The bulls are protecting the USD 390 level. If there is a downside break, the price might slide to USD 380. Conversely, it may perhaps recover to USD 412.
Solana (SOL) extended decline and tested USD 90. The next major support is near USD 85. Any more losses might send the price towards the USD 74 level. On the upside, the USD 100 level may perhaps act as a strong resistance.
DOGE is moving lower towards the USD 0.140 level. If there is no recovery wave, the price could decline towards USD 0.132. The main breakdown support is near the USD 0.120 level.
XRP price is down 6% and trading below the USD 0.80 support. The next major support is near USD 0.78, below which the price might dive to USD 0.750. If there is a fresh increase above USD 0.80, the price might revisit USD 0.82.
Other altcoins market today
Many altcoins are down over 5%, including AVAX, DOT, MATIC, ATOM, LINK, NEAR, ALGO, XLM, FTM, MANA, ETC, SAND, EGLD, HNT, THETA, and XTZ. Out of these, HNT is down 12% and trading below USD 25, while SLP extended its decline below USD 0.029 and is down 10% in a day.
To sum up, bitcoin is trying to recover but is still well below USD 43,000. If BTC slides below USD 42,000 and USD 41,200, it could even struggle to stay above the USD 40,000 level.