Bitcoin price started a fresh decline from well above USD 39,000. BTC broke the USD 38,500 support and it even declined below USD 38,000. It is currently (04:48 UTC) showing bearish signs, with a major resistance near USD 38,500.
Besides, most major altcoins also look bearish. ETH broke the USD 2,350 support and it tested the USD 2,300 level. XRP/USD failed to stay above USD 0.850 and it could test USD 0.820.
Total market capitalization
After declining from above USD 39,000, bitcoin price gained bearish momentum. BTC broke the USD 38,500 support and it even declined below USD 38,000. The price is now showing a few bearish signs and it seems like the bulls might struggle to protect the USD 37,200 support. Any more losses could set the pace for a move towards USD 36,500.
On the upside, an immediate resistance is near the USD 38,500 level. The main resistance is now forming near USD 39,500.
Ethereum price failed to continue higher towards the USD 2,500 level. ETH started a fresh decline below USD 2,400 and USD 2,350. The price is now struggling to stay above USD 2,300. A close below USD 2,300 may possibly lead the price towards USD 2,220.
On the upside, an initial resistance is near the USD 2,365 level. The main resistance is now forming near USD 2,400, above which the price might gain bullish momentum.
Binance Coin (BNB) failed to stay above the USD 365 support level and started a downside correction. BNB is now trading near the USD 350 support. If there is a downside break below USD 350, the price could test the USD 335 level. Conversely, the price could break USD 365 and start a fresh increase.
Litecoin (LTC) struggled to test the USD 180 resistance and corrected lower. LTC is now testing the USD 165 support. If the bears remain in action there is a risk of a drop towards the USD 150 support. On the upside, the price might face sellers near the USD 172 level.
Dogecoin (DOGE) is struggling to stay above the USD 0.300 support zone. If there is a clear break below USD 0.300, the price could slide towards the USD 0.280. The next major support is near USD 0.265. On the other hand, the bulls might attempt a fresh push above the USD 0.320 level.
XRP price failed to stay above the USD 0.850 support and extended its decline. The price is now approaching the USD 0.820 support. If it fails to stay above USD 0.820, the next stop for the bears could be USD 0.780.
Other altcoins market today
Many altcoins declined over 5%, including AMP, RUNE, SHIB, ICP, KSM, ATOM, ONT, KLAY, OMG, SUSHI, ENJ, BTG, and DOT. Conversely, XDC extended its rally above the USD 0.075 level.
Overall, bitcoin price failed to stay above the main USD 38,500 and USD 38,000 support levels. If BTC doesn’t recover quickly, there is a risk of a drop towards the USD 36,500 level.