- The price of Bitcoin may soon test 40,000 USD.
- Ethereum may struggle to stay above $3,000, XRP is approaching $0.70.
- ADA, LUNA and AVAX are down around 7% to 9%.
Bitcoin price remained in a bearish zone below the USD 43,000 level. BTC extended its decline and traded below the $41,500 support. It is currently (12:15 UTC) falling towards $41,000 and may soon test the $40,000 support. BTC is down 4% in one day.
Likewise, most major altcoins are gaining bearish momentum. ETH traded below $3,100 and may decline to $3,000. XRP is approaching the $0.700 support area. ADA broke the key support at $1.0.
Total market capitalization
After a close below USD 43,000, bitcoin price followed a downward trajectory. BTC traded below the $42,500 and $42,000 levels. It even traded below USD 41,500 and may continue to decline. On the downside, an initial support is near the USD 40,500 level. The next major support is near $40,000, below which the price may accelerate lower.
On the upside, the price may face resistance near $42,000. The next major resistance is now forming near the $42,500 level.
Ether price is down over 6% and there was a clear move below the $3,120 support. ETH even traded below USD 3,080. The next major support is near the $3,000 level, below which the price may decline to $2,880.
On the upside, the $3,120 level is immediate resistance. The key resistance could be near the $3,150 level, above which the price could possibly trigger a wave of recovery.
ADA, BNB, SOL, DOGE and XRP prices
Gimbal (ADA) is down over 7% and there was a clear move below the $1.0 support. ADA even traded below $0.98 and looks like there is a risk of breaking below the $0.95 level.
BNB traded below the $405 support. The next major support is near the $400 level, below which the bulls may lose control. In this case, the price may perhaps drop towards 385 USD.
Solana (SOL) is accelerating towards the support levels of $102 and $100. If there is a bearish close below $100, the price could decline more sharply in the short term.
DOGE is also down 6% and there was a move below the $0.142 support zone. The next major support is near the $0.135 level, below which the price may accelerate lower.
XRP Price fell 6% and the bears pushed the price below the $0.72 support. If the bears stay in action, the price might even drop below the $0.70 support. On the upside, the previous support near $0.75 could possibly act as short-term resistance.
Market of other altcoins today
Many altcoins are down more than 5%, including LUNA, AVAX, DOT, NEAR, SHIB, ATOM, MATIC, LINK, ETC, VET, MANA, ICP, LTC, and THETA. Of these, MATIC has fallen almost 7% and it might drop below the support at $1.35.
In summary, bitcoin price is gaining bearish momentum below the $41,500 level. If BTC fails to stay above the $40,500 support, there could be a drop below the $40,000 support level.