Bitcoin Starts Outperforming Again as Ethereum and Altcoins Drop More
Bitcoin price extended its decline below the USD 33,500 support zone. BTC tested USD 32,600 and it remained well above the key USD 32,000 support zone. It is currently (12:14 PM UTC) trying to move higher above USD 33,000, but a break above USD 34,000 is a must for a stronger increase.
In either case, BTC has outperformed many major cryptoassets today, as altcoins are struggling to recover losses. ETH traded below the USD 2,050 support, but it is still above USD 2,000. XRP/USD is showing bearish signs and it could revisit USD 0.600.
Total market capitalization
There was a downside extension in bitcoin price below the USD 34,000 and USD 33,500 support levels. BTC even traded below USD 33,000, but the bulls were active above USD 32,500. The key breakdown support is now near the USD 32,200 and USD 32,000 levels. If there is a clear break below USD 32,000, the price could dive towards the USD 30,000 level. On the upside, an initial resistance is near the USD 33,500 zone. The first major resistance is now near USD 34,000. A close above USD 34,000 could encourage the bulls for a steady increase.
Ethereum price traded below the USD 2,050 support. However, the bulls are defending the USD 2,000 support. If there is a close below USD 2,000, the price could continue to move down towards USD 1,920. The next major support is at USD 1,850. An immediate resistance on the upside is near the USD 2,080 level. The first major resistance is near USD 2,120, above which the price could revisit USD 2,200.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is now trading below the USD 280 support level. The next key support is near the USD 265 level. Any more losses might call for a move towards the USD 250 level. On the upside, the price might struggle above the USD 290 level.Litecoin (LTC) is moving lower towards the USD 125 support level. If the bulls fail to protect USD 125, there could be a move towards the USD 112 level. Conversely, the price could start a stronger recovery towards the USD 142 level.Dogecoin (DOGE) might test the USD 0.232 level. The next major support is near USD 0.220. Any more losses might lead the price towards the USD 0.200 level. Conversely, the price could recover above USD 0.265 and revisit USD 0.280.XRP price is now trading well below the USD 0.650 support. It seems like the price may soon test USD 0.620. The next major support for the bulls is near the USD 0.600 level. On the upside, the price might face resistance near USD 0.650, followed by USD 0.662.
Other altcoins market today
Many altcoins declined over 5%, including THETA, RUNE, TEL, ZRX, AAVE, ZEN, UMA, LEO, CRV, ICP, MKR, TFUEL, AVAX, SNX, ZEC, and OMG. Conversely, CELO, XDC, STX, WAVES, and NEXO are up over 5%.
To sum up, bitcoin is still holding the main USD 32,000 support. If the bulls remain active, there could be a recovery above USD 34,000. Conversely, the price might dive towards USD 30,000.