Bitcoin price started another decline after a couple of failed attempts near USD 40,000. BTC broke the USD 37,000 and USD 36,500 support levels. It is currently (12:20 PM UTC) down over 7%.
Similarly, most major altcoins are gaining bearish momentum. ETH is down around 10% and it broke the key USD 2,550 support level. XRP/USD also broke the main USD 0.920 support and declined heavily below USD 0.90.
Total market capitalization
After struggling below USD 40,000, bitcoin price started a fresh decline. BTC broke the USD 37,000 support level to move into a bearish zone. It even declined below USD 36,000, before moving higher again. The next key support is near USD 35,000, below which the price might decline heavily in the near term.
On the upside, an initial resistance is near the USD 37,000 level. The main resistance is now forming near the USD 38,500 level.
Ethereum price also followed bitcoin and it declined heavily below the USD 2,650 support. ETH even broke the USD 2,550 level but recovered above this level again. In either case, any more losses could lead the price towards USD 2,250.
The first major resistance is now forming near USD 2,650 (the last key support).
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is down 12% and it broke the USD 350 support. BNB even traded below USD 320, but it might find support near the USD 305 and USD 300 levels. As long as it is above USD 300, there are chances of a steady recovery towards USD 350.
Litecoin (LTC) failed to stay above the USD 185 and USD 180 support levels. LTC was testing the USD 165 support level before recovering above USD 175. If there are more losses, the price might decline towards the USD 150 support.
Dogecoin (DOGE) failed to settle above USD 0.350 and it reacted to the downside. DOGE is now testing the USD 0.300 support. Any more losses could trigger a move towards the USD 0.280 support. On the upside, the USD 0.320 is a minor hurdle before the price climbs to USD 0.340.
XRP price struggled to stay above the USD 0.920 support. As a result, there were more losses below the USD 0.900 support. The price is now trading near USD 0.890, below which the bears might aim for a test of the USD 0.800 support. If there is a fresh increase, the bears might fight near the USD 0.920 level.
Other altcoins market today
Many altcoins declined in double digits, including CHSB, NEXO, ONE, MATIC, TEL, LUNA, OMG, ENJ, LINK, ZIL, DGB, STX, HOT, RUNE, FTM, ZRX, and VET. Out of these, CHSB declined over 20% and it broke the USD 0.75 support, but recovered above USD 0.80. TFUEL is still up by more than 20%.
To sum up, bitcoin reacted to the downside after a few rejections above USD 40,000. If BTC breaks USD 35,000, it could decline further. On the upside, it still could recover and test USD 38,500.
Credit: Source link