Bitcoin Dives Below USD 40K, Ethereum Breaches USD 3K, Liquidations Soar
Bitcoin price failed to surpass the USD 46,000 and USD 46,500 resistance levels. As a result, BTC started a fresh decline below the USD 44,000 support. It is currently (04:30 UTC) trading below USD 40,000.
Similarly, most major altcoins are moving lower. ETH failed to clear the USD 3,550 resistance and declined below USD 3,000. XRP/USD topped near USD 1.70 and declined below the USD 1.52 support zone. MATIC was able to settle above the USD 2.20 level before correcting lower again.
Also, in the past 4 hours, liquidations in the crypto derivatives market surpassed USD 900m. USD 460m of those are BTC trading positions, per Bybt.com data.
Total market capitalization
After a major rejection near USD 46,000, bitcoin price started a fresh decline. BTC broke many important supports near USD 44,000 to move into a bearish zone. The price even broke the USD 40,000 support zone. If there is a close below this level, the price could extend its decline towards USD 35,000. On the upside, an initial resistance is near the 42,000 level. The first major resistance is near USD 43,500, followed by USD 44,000.
Ethereum price also failed to clear the USD 3,550 zone and started a fresh decline. The price even spiked below USD 3,000. If the bulls fail to push the price above the USD 3,000 level, there is a risk of more losses. The next major support is near the USD 2,800 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) failed to stay above the USD 525 and USD 500 support levels. BNB even broke the USD 485 support and it is now approaching the USD 430 level. Any more losses could lead the price towards the USD 420 support zone in the coming sessions.Litecoin (LTC) is down 14% and it broke the USD 300 support zone. LTC even traded below USD 265. The next major support is near the USD 250 level. On the upside, the bulls might face resistance near USD 285.Dogecoin (DOGE) is accelerating decline below the USD 0.465 and USD 0.450 support levels. It tested the USD 0.412 support level and may decline towards USD 0.405. The next major support is near the USD 0.388 level. If there is a fresh increase, the bears might protect USD 0.465.XRP price trimmed most of its gains after forming a top near the USD 1.70 level. The price broke many supports near USD 1.60 and USD 1.55. It even broke USD 1.52 and USD 1.50. If the bears remain in action, the price could decline towards the USD 1.42 level.
Other altcoins market today
Many altcoins declined over 10%, including BAKE, ICP, NANO, OKB, CAKE, REV, CELO, SHIB, NEXO, ZEN, LEO, ETC, DOGE, COMP, THETA, and HT. Conversely, FTM is up by 10%.
Overall, bitcoin price is gaining bearish momentum below the USD 42,000 level. If BTC settles below USD 40,000, it could spark a larger decline in the coming sessions.