Bitcoin and Ethereum Struggle to Recover, Altcoins in Red


 

  • Bitcoin price failed to stay above the USD 40,000 support.
  • Ethereum is down over 5%, XRP might revisit the USD 0.705 support.
  • AVAX, DOT, and DOGE are down at least 5%.

Bitcoin price declined over 7% in a day and there was a clear move below the USD 40,000 support. It is currently (11:55 UTC) trading below USD 39,500 and there is a risk of more downsides.

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Similarly, most major altcoins are gaining bearish momentum. ETH declined below the USD 2,650 and USD 2,600 support levels. XRP declined below USD 0.75 and might even slide below USD 0.72. ADA is now struggling to stay above USD 0.80.

Learn more: Bitcoin, Ethereum Slide, Liquidations Soar as Market Awaits US Inflation Numbers 

Total market capitalization

Source: tradingview.com

Bitcoin price

After a strong rejection near USD 42,500, bitcoin price started a fresh decline. The bulls failed to protect the USD 41,200 and USD 40,000 support levels and the price dropped near USD 39,000. The next key support is near the USD 38,500 level, below which the price may perhaps decline to USD 37,200.

On the upside, the price might face resistance near the USD 39,800 level. The next major resistance is near the USD 40,000 level, above which the price might start a steady increase.

Ethereum price

Ethereum price also followed a similar path and declined below USD 2,600. It might even struggle to stay above USD 2,550. The next key support is near the USD 2,500 level, below which the price might dive to USD 2,320.

If there is a fresh increase, ETH could face resistance near USD 2,650. The main breakout zone is now forming near the USD 2,750 level. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down 5% and there was a clear move below the USD 0.82 level. The bulls are now struggling to protect the USD 0.80 level. A downside break below USD 0.80 could push the price towards USD 0.765 or even USD 0.750.

Related:  With Bitcoin teetering over the $30k edge, is another market-wide panic underway

BNB failed to stay above the USD 380 level and is now trading near the USD 375. The next major support is USD 365, below which the price might slide to USD 350.

Solana (SOL) declined almost 7% and is testing the USD 82 level. If the bulls fail to protect the USD 80 support, there might be a sharper decline. In this case, the price could test USD 72.

DOGE is moving lower and trading below USD 0.120. The next major support on the downside is near the USD 0.115 level, below which the bears might test USD 0.110.

XRP price declined below the USD 0.75 support level and is now approaching the USD 0.72 support. If there are additional losses, the price may even test USD 0.70.

Other altcoins market today

Many altcoins are down over 5%, including LUNA, AVAX, DOT, SHIB, MATIC, CRO, ATOM, LTC, LINK, UNI, FTT, and MANA. Conversely, ICX is still up almost 31% despite correcting from USD 1.07, reached earlier today, to USD 0.88. 

To sum up, bitcoin rally faded after there was a clear move below USD 40,000. If BTC slides below USD 38,500, it could move towards the USD 37,200 zone.

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