Bitcoin Fluctuates Around USD 39K, Ethereum and Altcoins Recover Losses
Bitcoin price failed to stay above the USD 40,000 pivot level and it extended its drop after the Fed news. BTC broke the USD 38,500 support, but the bulls protected USD 38,000. It is currently (04:58 UTC) trading around USD 39,000.
Besides, most major altcoins are recovering losses. ETH declined towards the USD 2,350 support before it recovered above USD 2,400. XRP/USD traded close to USD 0.820 and it is back above USD 0.850.
Total market capitalization
After a rejection near USD 40,500, bitcoin price started a downside correction. BTC traded below the USD 39,200 and USD 38,500 support levels. However, the bulls were active above the USD 38,000 level (the last bullish breakout zone). The price is now recovering and trading above USD 39,000. An immediate resistance is near the USD 39,200 level. The main resistance is now forming near USD 40,000. On the downside, an initial support is near the USD 38,500 level. The main support is now forming near the USD 38,000 level.
Ethereum price faced increased selling pressure below USD 2,500. ETH even declined below the USD 2,450 support and USD 2,400. It tested the USD 2,350 support zone and recently started an upside correction. On the upside, an initial resistance is near the USD 2,450 level. The next major resistance is near USD 2,500. If there is a fresh decline, the price might find bids near USD 2,400. The key support sits near the USD 2,350 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) extended its decline below the USD 350 support. BNB tested USD 342 and it is now back above USD 350. On the upside, the bears might remain active near USD 365. The next major hurdle for them is near the USD 380 level.Litecoin (LTC) is slowly moving higher above the USD 170 level. The first major resistance is near the USD 180 level. A close above USD 180 may possibly set the pace for a move towards the USD 195 and USD 200 resistance levels. On the downside, the price might remain stable near USD 165.Dogecoin (DOGE) extended its decline and it tested the USD 0.305 support zone. It is now consolidating losses, with an immediate resistance at USD 0.320. The next key resistance is near the USD 0.335 level. The main support on the downside is near USD 0.305 and USD 0.300.XRP price extended its decline below the USD 0.850 support. It traded close to USD 0.820 before recovering losses. The price is now consolidating above USD 0.850 and it seems like it could test the USD 0.880 resistance. The main resistance is still near USD 0.90.
Other altcoins market today
A few altcoins gained over 5%, including AMP, QNT, ATOM, ZEC, LEO, ZEN, XDC, WAVES, THETA, MDX, and ENJ. Out of these, AMP rallied 24% and it climbed above USD 0.11.
Overall, bitcoin price corrected gains and tested an important support near USD 38,000. If BTC remains stable above USD 38,000, it could start a fresh increase above USD 40,000. _____