Bitcoin and Ethereum Stuck In Range, Major Altcoins Struggle
Bitcoin price failed to surpass the USD 35,000 resistance and it started a fresh decline. BTC broke the USD 34,000 support zone. It is currently (04:29 UTC) trading below USD 33,500 and there is a risk of more downsides.
Besides, most major altcoins are also showing a few bearish signs. ETH failed to clear USD 2,400 and declined below USD 2,300. XRP also moved lower and it traded below the USD 0.65 support.
Total market capitalization
After struggling to surpass USD 35,000, bitcoin price started a downside correction. BTC traded below the USD 34,000 zone and it even broke USD 33,500. It is now struggling to stay above the USD 33,000 and USD 33,200 support levels. A downside break and close below USD 33,000 could spark a larger decline in the coming sessions. If there is a fresh increase, the price might face resistance near the USD 34,000 level. The main resistance is still near the USD 35,000 level.
Ethereum price followed a similar pattern and started a fresh decline from the USD 2,400 zone. ETH traded below the USD 2,300 support. It is now trading near the USD 2,250 level. Any more losses might lead the price towards USD 2,200 or even USD 2,180. On the upside, the price is facing resistance near the USD 2,300 level. The next major resistance is near USD 2,320, above which the price could test the USD 2,400 level in the near term.
BNB, LTC, DOGE, and XRP price
Binance coin (BNB) spiked higher towards the USD 340 level before sellers appeared. BNB corrected lower below USD 330 and it is now trading near USD 320. The first key support is near USD 312, below which the price may possibly test the USD 300 support zone.Litecoin (LTC) failed to settle above the USD 140 level and it corrected lower. LTC traded below the USD 135 level and it is now showing a few bearish signs. If the bears remain in action, the price could decline towards the USD 125 level.Dogecoin (DOGE) is gaining bearish momentum below the USD 0.230 level. It even broke the USD 0.220 level and it could continue to move down. The next major support is near the USD 0.200 level, below which the price might tumble towards the USD 0.218 level in the near term.XRP price is gaining pace below the USD 0.650 support level. The first key support is near the USD 0.620 level. If there is a break below USD 0.620, the bulls may even struggle to keep the price above the USD 0.600 level.
Other altcoins market today
Several altcoins gained over 5%, including FLOW, STX, AXS, ICX, MANA, ENJ, ONE, SC, CHZ, THETA, and SOL. Out of these, FLOW rallied over 35% and it cleared the USD 17.50 level.
Overall, bitcoin price is correcting gains and it is trading near USD 33,200. If BTC settles below USD 33,000, there could be a sharper decline in the coming sessions. The next key support could be USD 32,200. _____