- Bitcoin price struggled to clear the resistance at $32,500.
- Ethereum faced sellers near $2,450, XRP is consolidating above $0.50.
- LUNA is now down 84% in a week as UST cannot recover its peg.
Bitcoin price started an upward correction above the USD 31,000 level. BTC even climbed above $32,000 but struggled near $32,500. It is currently trading (04:03 UTC) at almost USD 31,300 and is up 2% in one day and down 17% in one week.
Likewise, most major altcoins are facing hurdles. ETH is facing resistance near $2,400 and $2,450. XRP needs to clear $0.55 to start a wave of recovery. ADA failed near $0.70 and pared most of its gains.
Total market capitalization
After a peak below USD 30,000, bitcoin price started an upward correction. BTC recovered above the resistance levels of $31,200 and $31,500. It even broke above the USD 32,000 level, but the bears defended the USD 32,500 region. It is now trading below $31,500, with immediate support at $30,800. The main support is still near the USD 30,000 level.
An immediate resistance is near the USD 32,000 level. The next key resistance is now forming near the $32,500 level.
Ether price also started an upside correction from the $2,200 area. ETH recovered above $2,350 and even broke the resistance at $2,400. However, the price faced resistance near the $2,450 level. It is now consolidating below $2,400, with initial support at $2,320. The next major support is near the $2,250 level, below which the price could test $2,200. ETH is up more than 2% in one day and down 15% in one week.
On the upside, the price might face resistance near the $2,420 level. The key breakout zone is now forming near USD 2,450.
ADA, BNB, SOL, DOGE and XRP prices
Gimbal (ADA) recovered from the $0.58 zone and there was a break above $0.65, but the bulls faced resistance near $0.70. It has pared its gains and may even retest $0.612.
BNB recovered above the $320 level before paring back some of its gains. The price is now facing resistance near the $332 level. A clear move above the $332 level could send the price towards the $350 level.
Solana (SOL) is showing positive signs above the USD 65 level. An immediate resistance is near the $70 level. The key breakout zone is now forming near the $75 level.
DOGE struggled to recover towards the $0.120 level. It is now consolidating near the $0.100 level. A break down below $0.100 could trigger another sharp decline.
XRP Price is stuck near the $0.52 level. On the upside, the bears could remain active near $0.532 and $0.550. A close above $0.550 could send the price towards $0.60.
Market of other altcoins today
Many altcoins are in the green zone, including AVAX, DOT, SHIB, CEO, LEO, ATOM, APE, HBAR, FLOW, MKR, XEC, and ZIL. Of these, FLOW gained over 13% while MKR rose 15%. Meanwhile, LUNA plunged another 45% in a day and is now down 84% in a week, as the UST stablecoin struggles to regain its peg and fell below $0.70 today. before rising back above $0.80. (Learn more: Conspiracy theories abound as Terra tries to save the UST)
Overall, bitcoin price faces hurdles near the $32,000 and $32,500 levels. A close above $32,500 could send BTC higher towards the $34,000 resistance. If not, he might see $30,000 again.