Bitcoin Remains At Risk, Ethereum and Altcoins Extend Losses
Bitcoin price could tumble if it fails to stay above USD 32,000. Ethereum is down 5% and it traded below USD 2,050, XRP broke the USD 0.65 support zone. LUNA, AAVE, and TEL are down over 9%.
Bitcoin price started a fresh decline from well above USD 34,000. BTC traded below the USD 33,200 support and it is showing bearish signs, while currently (04:36 UTC) trading above USD 33,000.
Besides, most major altcoins are gaining bearish momentum. ETH broke the USD 2,100 and USD 2,050 support levels. XRP/USD traded below USD 0.650 and it could continue to move down.
Total market capitalization
After a break below USD 34,000, bitcoin price extended its decline. BTC broke the USD 33,000 levels before moving higher again. The main support is now near the USD 32,200 and USD 32,000 levels. If there is a clear break below USD 32,000, there is a risk of a sharp decline. In this case, the price could test the USD 30,000 level.
An initial resistance is near the USD 33,500 zone. The first major resistance is now near USD 34,000, above which the price might rise towards the USD 35,000 level.
Ethereum price broke the USD 2,120 support level to start another decline. ETH is down over 5% and it even traded below USD 2,050. If there are more losses, the price could test USD 2,000. Any more losses could spark a major decline towards USD 1,920.
If there is a fresh increase, the price might face resistance near USD 2,120. The key breakout zone is now forming near the USD 2,150 and USD 2,155 levels.
BNB, LTC, DOGE, and XRP price
Binance coin (BNB) is also down 5% and it even tested the USD 280 level. It seems like BNB is struggling to stay above USD 280. If the bears take control, there could be a drop towards the USD 265 level. On the upside, the bears might remain active near USD 295 and USD 300.
Litecoin (LTC) declined below the USD 135 support level. It is now trading near USD 130 and it could soon test USD 125. Any more losses may possibly open the door for a move towards the USD 112 level. Conversely, the price could start a fresh increase towards the USD 142 level.
Dogecoin (DOGE) is consolidating below the USD 0.250 level. An immediate support is near the USD 0.232 level. The first key support is near USD 0.220, below which the price might dive towards the USD 0.200 level.
XRP price failed to stay above the key USD 0.650 support. If the price continues to move down, it could test USD 0.620. The main breakdown support sits near the USD 0.600 level. On the upside, the price might face a barrier near the USD 0.665 and USD 0.675 levels.
Other altcoins market today
Many altcoins declined over 5%, including TEL, TFUEL, AAVE, ZRX, LUNA, CRV, MKR, THETA, QNT, BTG, ZEC, COMP, ICP, MANA, and SUSHI. Out of these, TEL declined almost 13% and it broke the USD 0.025 level.
Overall, bitcoin price is showing bearish signs below USD 34,000 and USD 33,500. If BTC breaks the USD 32,000 support, there is a risk of a stronger decline.