Bitcoin Struggles, Ethereum Outperforms and Altcoins Consolidate
Bitcoin price is struggling to stay above the USD 34,000 support zone. Ethereum is stable above the USD 2,150 support zone, XRP tested the USD 0.65 support zone. COMP, MKR, and XDC are up over 12%.
Bitcoin price failed to stay above the USD 35,000 support zone. BTC is moving lower and it is trading just above the USD 34,000 support zone. It is currently (04:39 UTC) showing a few bearish signs and it could decline further if there is a clear break below USD 34,000.
Besides, most major altcoins are struggling to gain traction. ETH climbed higher above USD 2,250, but it is facing many hurdles. XRP/USD tested USD 0.65 and it is now moving higher.
Total market capitalization
After a rejection above USD 36,500, bitcoin price started a fresh decline. BTC broke the USD 35,000 support zone and it is now showing a few bearish signs. An immediate support is near the USD 34,000 level. If there is a proper close below USD 34,000, there is a risk of a sharp decline. In this case, the price could dive towards the USD 32,200 support zone.
An initial resistance is near the USD 35,000 zone. The first major resistance is near USD 35,500, above which the price might rise towards the USD 36,500 level.
Ethereum price outperformed bitcoin and it climbed again above the USD 2,200 level. ETH broke the USD 2,250 resistance, but there was no follow through move. The price is now consolidating near USD 2,200, with a support near the USD 2,150 level.
If there is a fresh increase, the price might face resistance near USD 2,250. The main resistance is now forming near the USD 2,280 and USD 2,295 levels.
BNB, LTC, DOGE, and XRP price
Binance coin (BNB) is now consolidating below the USD 300 level. The first major support is near the USD 280 level, below which the price might slide towards the USD 265 level. On the upside, the price is facing resistance near the USD 300 level. A close above USD 300 could lift the market sentiment.
Litecoin (LTC) is moving lower and it traded below the USD 142 level. If there are more losses, LTC might find bids near the USD 135 level. Conversely, a clear break above USD 142 could lead the price towards USD 150.
Dogecoin (DOGE) is down 4% and it even traded below the USD 0.250 support. It seems like the price might continue to move down towards the USD 0.220 support level. To move into a positive zone, the price must settle above the USD 0.280 level.
XRP price extended its decline and it tested the USD 0.650 support zone. It is now rising and trading near USD 0.675. An immediate resistance is near USD 0.685. The main breakout resistance sits near the USD 0.700 level, above which the price might revisit USD 0.735.
Other altcoins market today
Many altcoins gained over 5%, including MKR, XDC, COMP, CHIB, TEL, LUNA, XEM, SC, UMA, ENJ, and AAVE. Out of these, MKR jumped 15% and it even surpassed the USD 2,700 level.
Overall, bitcoin price is struggling to stay above the USD 34,000 support. If BTC slides below USD 34,000 there is a risk of a sharp bearish wave.