Bitcoin Below USD 40K, Ethereum Loses USD 3K, Altcoins Dive

 

  • Bitcoin price declined almost 6% and traded below USD 40,000.
  • Ethereum dropped 6% and moved below USD 3,000, XRP is testing the USD 0.70 support.
  • LUNA, ADA, DOGE, and SOL are down 6%-9%.

Bitcoin price struggled to start a decent recovery wave above USD 42,500 and traded below USD 40,000. It is currently (04:08 UTC) trying to recover near USD 39,700 after testing almost USD 39,400.

Similarly, most major altcoins are gaining bearish momentum. ETH traded below the key USD 3,000 support zone. XRP is gaining pace and there was a brief move below USD 0.70. ADA could soon test the USD 0.90 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After struggling to stay above USD 42,000, bitcoin price extended its decline. BTC gained bearish momentum below the USD 40,500 support zone. It even declined below USD 40,000 to move further into a bearish zone. On the downside, an initial support is near the USD 39,200 level. The next major support is near USD 38,500, below which the price might dive to USD 37,200

If there is a recovery wave, the price could struggle to clear USD 40,000. The next key resistance is now forming near the USD 41,200 level, where the bears might take a stand. 

Ethereum price

Ethereum price accelerated lower after it broke the USD 3,120 support. ETH is down over 6% and there was a clear move below the USD 3,000 support. The next major support is near the USD 2,950 and USD 2,940 levels. Any more losses might send the price to USD 2,820.

On the upside, the previous support near USD 3,000 may perhaps act as a resistance. The next key resistance might be near the USD 3,050 level, above which the price could rise to USD 3,120.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down almost 9% and there was a move below the USD 0.95 support. The price is now struggling to stay above USD 0.92 and might move down further to USD 0.90.

BNB broke the key USD 400 support zone. The next major support is near the USD 385 level, below which there is a risk of a move towards USD 365. On the upside, the USD 405 level might act as resistance.

Solana (SOL) declined over 9% and the bears were able to push the price below the USD 100 level. The price might possibly continue to move down and test the USD 88 support.

DOGE is accelerating lower and trading near USD 0.135. If the bears remain in action, the price could even decline below USD 0.132. The next major support is near USD 0.125.

XRP price traded below the main USD 0.70 support zone but the bulls protected the USD 0.68 support. If they fail to keep it, the price could dive towards the USD 0.65 level.

Other altcoins market today

Many altcoins are down over 8%, including LUNA, DOT, SHIB, ATOM, LINK, FTT, ALGO, VET, FIL, APE, THETA, FTM, and RUNE. Out of these, RUNE declined 11% and broke the USD 7.65 support.

Overall, bitcoin price is gaining bearish momentum below USD 40,000. If BTC slides below USD 39,200, it may perhaps visit the USD 38,500 level.

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