- Bitcoin price continued to fall below $38,800.
- Ethereum tested the $2800 zone, XRP also accelerated down.
- DOGE is rising while APE is on a wave of volatility.
Bitcoin price remained in the bear zone below $40,000 and continued to decline below $38,800 and tested $38,400. It is currently (11:49 UTC) trading around $38,800 again and down 2% on the day and 3% on the week.
Likewise, most major altcoins are accelerating losses. ETH fell below the $2,850 support zone before recovering and is now down 3% on the day and nearly 6% on the week. XRP could fall below $0.65 and test $0.620. ADA is down nearly 4% and could test the $0.82 support zone.
Total market capitalization
After closing below $40,000, the price of Bitcoin has struggled to start a wave of recovery. BTC traded below the $39,200 support zone and even broke through the $38,800 support zone. It is showing bearish signs below the $39,200 level. The next major support is around $38,000, below which the price could fall further.
If there is a recovery wave, the price could face resistance around $39,200. The first major resistance is now forming near the $39,550 level.
The price of Ethereum fell by 3% and there was a sharp drop below the $2,900 level. ETH even traded below the $2,850 level and tested the $2,800 level before recovering. The next major support is near the $2,780 level, below which the price could test the $2,700 level.
On the other hand, the $2,880 level is the initial hurdle. The first major resistance could be near the $2,920 level, above which the price could potentially rise to the $3,000 level.
Price of ADA, BNB, SOL, DOGE and XRP
Cardano (ADA) has gained bearish momentum below the $0.88 support zone. It even broke the $0.85 level. If the bears continue to act, there is a risk of a move towards the $0.82 level.
BNB moves lower and there was a short bounce below the $385 support before the price returned to the $390 level. The next important support is near the $382 level, below which the price could drop to the $365 level.
Solana (SOL) was down over 4% and there was a clear move below the $98 support. The next major support is near the $95 level. Any new losses may require a test of the $88 level.
DOGE fell below support at $0.1265 before recovering above $0.137 after news that talks were reportedly held between Twitter officials and Elon Musk on Sunday to discuss the sale of Twitter to Musk. DOGE is now up 3% on the day and tops the top 30 crypto assets by market cap. The price is still down 10% in a week.
Price XRP faced increasing selling pressure below $0.68. It fell 6% and there was a move below the $0.665 support. The next major support is near $0.65, below which the price could drop to $0.62.
Other altcoins today
Many altcoins have fallen over 5% including LUNA, AVAX, DOT, SHIB, CRO, NEAR, ATOM, LINK, UNI, XLM, ALGO, ETC, HBAR and MANA. Of these, ZIL is the worst of the 100 crypto assets today as it fell 11% and traded below $0.099. At the same time, APE is still showing the best results, despite today’s strong volatility. The price fell by about 8% in a few hours and then jumped by about 9% and exceeded $17.20. It is up almost 6% on the day.
To summarize, Bitcoin price is gaining bearish momentum below $39,200. If BTC drops below $38,000, there is a risk of an even bigger fall.