Ethereum, Altcoins Bleed More Than Bitcoin, Liquidations Soar
Bitcoin price failed to clear the key USD 38,000 resistance zone. BTC started a fresh decline below the USD 36,500 and USD 35,500 support levels. It is currently (04:43 UTC) trading in a bearish zone.
However, as was the case in many previous sharp selloffs, altcoins are once again bleeding more than BTC. ETH is down almost 10%, while many other coins dropped even more.
ETH traded below the USD 3,650 and USD 3,550 support levels. XRP/USD is down over 11% and it even spiked below USD 0.850.
Total market capitalization
Meanwhile, in the past 12 hours, more than USD 900m worth of trading positions in the crypto derivatives market were liquidated. Almost USD 400m of those were positions in BTC, per Bybt data.
After bitcoin price failed to surpass USD 38,000, there was a bearish reaction. BTC broke many supports near USD 36,500 and USD 35,500 to move into a bearish zone. The price even traded below the USD 34,000 support level. If there are more downsides, the bears could push the price below the USD 32,000 support. The next key support sits near the USD 30,000 level.
On the upside, an initial resistance is near the USD 34,500 level. The first key resistance is now forming near the USD 35,500 level.
Ethereum price is also down around 10% and it broke the USD 2,650 support. ETH even declined below the key USD 2,550 support level. It spiked towards USD 2,420 and it is currently recovering. On the upside, an initial resistance is near the USD 2,550 level. The main resistance is at USD 2,650, above which the price might turn positive.
If not, there are chances of more losses below the USD 2,450 and USD 2,420 support levels. The next key support is near the USD 2,340 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) declined 13% and it broke the USD 365 support level. BNB is also struggling to stay above USD 350 and it seems like the price could decline towards USD 325. On the upside, the bulls could face hurdles near USD 365 and USD 380.
Litecoin (LTC) failed to stay above the USD 180 support and declined heavily. LTC traded below the main USD 165 support. It is now consolidating near USD 160. Any more losses could set the pace for a drop towards the USD 120 level.
Dogecoin (DOGE) struggled to stay above the USD 0.350 support zone. The price is now trading below USD 0.335 and it is approaching the USD 0.320 support. If the bears remain active, there are chances of a drop towards the USD 0.300 support zone.
XRP price declined heavily after it failed to stay above the USD 0.950 and USD 0.920 support levels. The price is down over 11% and it even spiked below USD 0.850. The next major support is near the USD 0.800 level.
Other altcoins market today
Many altcoins declined over 15%, including BAKE, FTM, RUNE, KLAY, QTUM, ICX, MIOTA, FIL, MATIC, CRV, SC, EOS, ONT, ATOM, GRT, and COMP. Conversely, TFUEL is still holding gains above USD 0.50.
Overall, bitcoin price is gaining bearish momentum below the USD 35,000 support zone. If BTC breaks the USD 32,000, there is a risk of a drop below the USD 30,000 support zone.