- Bitcoin price is struggling below $29,500.
- Ethereum settled below $1,800, XRP faces resistance near $0.40.
- ADA and SOL are showing signs of more losses.
Bitcoin price rallied above the $28,500 area. BTC attempted a breakout on the upside but struggled above $29,000. It is currently in trouble (11:50 UTC) and may continue to decline towards the USD 27,500 level.
Also, most major altcoins are showing bearish signs. ETH settled below $1,800 and may test $1,700. XRP could recover if it clears $0.40. ADA is consolidating above the $0.45 support.
Total market capitalization
After a sharp decline, the bitcoin price found support near the $27,500 area. BTC started a wave of recovery and broke above the USD 28,500 level. The price even climbed above $28,800 but struggled to accelerate above $29,000. The next key resistance is near $29,200 and $29,500. A clear move above the $29,500 level could trigger a decent rise.
Otherwise, there are chances of a further move below the USD 28,000 level. If indicated, the price might retest the $27,500 support zone.
The Ether price remained in a bearish zone below the USD 1,850 level. ETH has settled below the $1,800 level and may continue to decline. The next major support is near $1720, below which the price could possibly drop towards the $1720 level.
On the upside, an immediate resistance is near the $1,820 level. The next major resistance is near $1,850, above which the price may rise steadily.
ADA, BNB, SOL, DOGE and XRP prices
Gimbal (ADA) extended decline below the $0.465 support. It is now trading around this level but is potentially approaching the $0.45 support zone. Any further losses could set the tone for a move towards the $0.42 level.
BNB traded around the $300 support level. If the bears stay in action, the price might decline towards the $288 level. The next major support is near the $275 level.
Solana (SOL) is accelerating below the USD 45 level. The first major support is near the $40 level, below which bulls may find it difficult to protect against heavy losses. On the upside, the bears could remain active near USD 45.
DOGE prolonged decline and tested the support level of $0.075. It is now attempting a recovery wave, with a first resistance at 0.0780 USD. The first key resistance is now forming near the $0.080 level.
XRP Price settled below the USD 0.40 level. It tested the $0.375 level before there was a minor upward correction. To start a steady increase, the price must break through the resistance of $0.40.
Market of other altcoins today
Many altcoins are in the red zone, including AVAX, SHIB, MATIC, NEAR, UNI, FTT, XMR, FLOW, APE, MANA, and EGLD. Of these, EGLD is down 15% and trading below $70.
In summary, bitcoin price is in a bearish zone below the USD 30,000 level. If BTC slips below $28,500, it could continue to slide towards the $27,500 support area in the near term.