Bitcoin and Ethereum Trend Lower Again, Altcoins Drop Even More

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  • Bitcoin price traded below the USD 42,000 support zone.
  • Ethereum broke the USD 3,000 support, XRP declined below USD 0.80.
  • Multiple altcoins are down 5%-10%.

Bitcoin price failed to stay above the USD 43,200 level and extended decline. BTC traded below USD 42,000 to move into a bearish zone. It is currently (05:40 UTC) down 1% in a day and is showing bearish signs and might revisit the USD 40,000 zone.

Similarly, most major altcoins are also moving lower. ETH traded below the USD 2,880 support level. XRP traded below the key USD 0.80 support zone. ADA neared the USD 1.00 support.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a strong rejection above USD 45,000, bitcoin price started a fresh decline. BTC traded below the USD 43,200 support to enter a short-term bearish zone. It even settled near USD 41,900. On the downside, an immediate support is near the USD 41,500 level. The next key support is near the USD 41,200 level, below which the price might dive to USD 40,000.

On the upside, an initial resistance is near USD 42,500. The main weekly resistance is near the USD 43,500 level, above which the price might revisit USD 45,000.

Ethereum price

Ethereum price also followed bitcoin and traded below the USD 3,000 support, dropping 2% in a day. ETH even traded below the USD 2,880 support level. The next major support is near USD 2,750, below which the price could slide to USD 2,550.

If there is a recovery wave, the price might face resistance near USD 3,000. The next key resistance could be near the USD 3,120 zone. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained bearish momentum and traded below the USD 1.05 support. The next major support is near the USD 1.00 level. Any more losses could send the price towards the USD 0.950 support.

Binance coin (BNB) is down almost 3% and there was a clear move below the USD 400 level. The next key support is near USD 385, below which the price could dive towards the USD 365 level in the near term.

Solana (SOL) failed to stay above the USD 100 level. If the bears remain in action, the price could test the USD 85 support. On the upside, the previous support at USD 100 may perhaps act as a strong resistance.

DOGE is consolidating near the USD 0.145 level. If there is a downside break below USD 0.145, the price could decline to USD 0.132. Conversely, it might rise towards the USD 0.155 resistance.

XRP price is trimming gains and trading below the USD 0.80 support. The next major support is near USD 0.78. If there are additional losses, the bears might test USD 0.750. On the upside, the USD 0.85 is a major weekly resistance.

Other altcoins market today

Many altcoins are down 5%-10%, including AVAX, DOT, MATIC, ATOM, NEAR, ALGO, XLM, MANA, SAND, EGLD, THETA, AXS, and XTZ.  Meanwhile, XEM is up more than 1%, surpassing USD 0.10.

Overall, bitcoin price is struggling below USD 43,000 and USD 42,500. If BTC slides below USD 41,200, there could be more downsides towards USD 40,250 or even USD 40,000.

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