Bitcoin, Ethereum and Altcoins Struggle to Recover
Bitcoin price failed to remain stable and it extended its decline below USD 38,000. The bulls are protecting the USD 37,200 zone, but there is a risk of more downsides. BTC is currently (15:16 UTC) trading below USD 38,000 and it is facing resistance near USD 38,500.
Besides, most major altcoins are facing an uphill task. ETH tested the USD 2,300 support and it is now consolidating losses. XRP/USD is now trading below the USD 0.850 pivot level.
Total market capitalization
After a break below USD 38,500, bitcoin price extended its decline. BTC even traded below USD 38,000 before the bulls appeared above USD 37,000. The price is recovering losses, with an immediate resistance near the USD 38,500 level. The first major resistance is near the USD 38,800 and USD 39,000 level. The main resistance sits at USD 40,000.
If the price fails to correct above USD 38,500 or USD 39,000, there are chances of more downsides. A break below USD 37,200 could take the price towards USD 36,500.
Ethereum price also followed a similar path and settled well below USD 2,400. ETH tested the USD 2,300 level and it is consolidating losses. An initial resistance is near the USD 2,375 level. The key resistance is now forming near USD 2,400, followed by USD 2,450.
On the downside, the USD 2,300 level is a major support. A daily close below USD 2,300 could spark a sharp decline towards the USD 2,150 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is stuck in a range above the USD 350 support. If there is a downside break below USD 350, the price could revisit the USD 335 level. On the upside, the price is facing resistance near USD 365, above which it could test USD 380.
Litecoin (LTC) is consolidating near the USD 165 support. If the bulls fail to gain strength, the price could dive towards the USD 150 support. Conversely, the price might climb above USD 172. The main resistance on the upside is near the USD 180 level.
Dogecoin (DOGE) is facing an increase in selling pressure below USD 0.320. It is struggling to stay above the USD 0.300 support zone, below which there is a risk of a sharp decline. Conversely, the price could recover above USD 0.320 and revisit USD 0.335 in the near term.
XRP price is moving lower towards the USD 0.820 support. Any more losses might lead the price towards the USD 0.780 level. If not, the price could start a fresh increase above USD 0.850. The key resistance sits at USD 0.880, followed by USD 0.900.
Other altcoins market today
Many altcoins declined over 5%, including AMP, QNT, RUNE, KSM, KLAY, DOT, SUSHI, ENJ, SNX, GRT, DGB, LINK, AAVE, ICP, and BAT. Conversely, TFUEL, XDC, AR, and HBAR are up over 5%.
To sum up, bitcoin price is trying to recover from USD 37,200. However, BTC must climb above USD 39,000 to avoid more losses in the coming sessions.