Bitcoin Nears USD 40K, Ethereum Below USD 3K, Altcoins in Red

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  • Bitcoin price failed to stay above USD 42,500 and declined almost 7%.
  • Ethereum dived to USD 2,850, XRP broke the USD 0.79 level.
  • CRO, EGLD, and KDA are down 9%.

Bitcoin price started a stronger decline after it failed to stay above the USD 42,500 support zone. BTC even declined below USD 41,200 and traded close to USD 40,000. It is currently (04:18 UTC) correcting losses near USD 40,700, but the bears might be active near USD 41,200.

Similarly, most major altcoins are down over 5%. ETH declined more than 5% and broke the USD 2,950 support level. XRP is now trading below USD 0.80. ADA tested the key USD 1.00 support zone.

Total market capitalization

Source: tradingview.com

 

Bitcoin price

After a downside break below USD 42,500, bitcoin price accelerated losses. BTC extended decline below the USD 41,200 support level and tested the USD 40,000 support zone. It is now consolidating losses, with an immediate hurdle at USD 41,000. The next resistance is near the USD 41,200 level, above which the price might rise to USD 42,000.

On the downside, the USD 40,200 level is a decent support. The next key support is near the USD 40,000 level, below which the price might accelerate its downturn.

Ethereum price

Ethereum price declined over 5% and there was a clear move below the USD 3,000 support level. ETH even tested the USD 2,850 level before recovering above USD 2,900. If there are additional losses, the price might decline towards the USD 2,780 level. 

If there is a recovery wave, the price might face resistance near the USD 2,950 level. The next key resistance is near the USD 3,000 zone, above which the price may perhaps test USD 3,050. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) gained bearish momentum below the USD 1.05 support. It even declined below USD 1.02 and tested the USD 1.00 support zone. If there is a downside break below USD 1.00, the price might slide to USD 0.95.

BNB is testing the USD 405 support zone. If there are additional losses, the price could decline towards the USD 380 level.

Solana (SOL) is down 4% and trading below the USD 100 level. The next major support is near the USD 92 level, below which there is a risk of a move towards the USD 85 support zone.

DOGE broke the key USD 0.140 support level before recovering. If the bears remain in action, the price may perhaps test USD 0.135. In this case, it might decline towards the USD 0.132 level.

XRP price is down 4% and there was a clear move below the USD 0.80 support. It even tested the USD 0.75 support. If there is a recovery wave, the previous support at USD 0.80 might act as a resistance.

Other altcoins market today

Many altcoins are down over 6%, including AVAX, LUNA, DOT, SHIB, MATIC, CRO, WBTC, LTC, ATOM, LINK, NEAR, and UNI. Among the best performers are NEO and KLAY, which are almost unchanged in a day.

Overall, bitcoin price turned bearish below the USD 42,000 support. BTC could extend losses if the bulls fail to protect the USD 40,000 support zone.

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