Bitcoin and Ethereum Extend Losses, Altcoins Dive
Bitcoin price started a fresh decline below the USD 33,500 support level. BTC even traded below the USD 33,000 level and it tested USD 32,200. The price is now (12:17 PM UTC) trying to recover above the USD 33,500 level.
Similarly, most major altcoins were gaining bearish momentum. ETH declined below the USD 2,200 support, but is also trying to recover. XRP extended its decline and it broke the USD 0.62 support, before moving above this level again.
Total market capitalization
There were additional losses in bitcoin price below the USD 33,000 support zone. BTC tested USD 32,200 before moving higher again. However, if there is a close below USD 32,000, the price could dive to USD 31,200. The next major support is near the USD 30,000 level, where the bulls might take a strong stand in the near term. If the price succeeds above the USD 33,500 level, it could test USD 34,000 again.
Ethereum price followed a similar pattern to bitcoin and it extended its decline below USD 2,200. ETH even broke the USD 2,150 support and it traded close to USD 2,100. If the bears remain in action, there are chances of a move towards the USD 2,000 support zone. On the upside, the price could face hurdles near the USD 2,200 level. The first key resistance is near USD 2,220, above which the price could test the USD 2,300 level.
BNB, LTC, DOGE, and XRP price
Cardano (ADA) is down almost 5% and it broke the USD 1.40 support level. ADA might continue lower towards the USD 1.332 support level. Any more losses might lead the price towards the USD 0.320 level. Conversely, a fresh increase may possibly face resistance near USD 1.40.Litecoin (LTC) declined over 8% and there was a break below the USD 130 level. If there is a break below USD 125, the price could test USD 112. On the upside, the bears might remain active near the USD 140 level.Dogecoin (DOGE) is diving and it is approaching the USD 0.20 support zone. Any additional losses could push the price towards the USD 0.180 level. Conversely, the price could face a barrier near USD 0.235.XRP price extended its decline below the USD 0.620 support. The next key support is near the USD 0.600 level, below which there is a risk of a sharp decline. If there is a fresh increase, the price could face resistance near USD 0.650.
Other altcoins market today
Many altcoins declined over 10%, including KCS, TEL, SNX, XDC, AAVE, UNI, CRV, RUNE, DGB, NEO, SUSHI, YFI, MIOTA, ICP, LINK, ZEN, and COMP. Out of these, KCS is down over 20% and it broke the USD 12.00 support.
To sum up, bitcoin price is gaining bearish momentum below USD 33,000. If BTC settles below USD 32,000, the doors might open for a move towards the USD 30,000 level. _____