Bitcoin Struggles While Ethereum and Altcoins Show Bullish Signs
Bitcoin price failed to surpass the USD 38,500 resistance level and corrected lower. BTC declined below USD 37,000 and it is currently (04:45 UTC) consolidating above USD 36,000. If there is a downside break below USD 35,500, the price could accelerate lower.
Most major altcoins are showing positive signs. ETH is up 4% and it seems like the bulls are aiming for an upside break above USD 2,800. XRP/USD is trading above USD 0.95, and it might revisit USD 1.0.
Total market capitalization
After a failed attempt to settle above USD 38,500, bitcoin price started a downside correction. BTC traded below the USD 37,500 and USD 37,000 levels. The bulls are now protecting the USD 36,000 support level. The next major support is near the USD 35,500 level, below which the price could tumble towards the USD 33,500 level. On the upside, an initial resistance is near the USD 38,500 level. The main weekly resistance is still near the USD 40,000 level, above which the price might start a stronger increase.
Ethereum price remained stable above the USD 2,650 support zone. ETH is rising and it is showing positive signs above the USD 2,750 level. If ETH breaks the USD 2,800 resistance, it could even clear the USD 2,880 resistance. The next major weekly resistance is near the USD 3,000 level. If there is a fresh decline, the price might remain strong above the USD 2,650 level. Any more losses might call for a drop towards the USD 2,550 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is showing positive signs and it is consolidating near the USD 400 level. If BNB continues to rise, there are chances of a move towards the USD 420 level. On the downside, an initial support is near the USD 380 level. If there are more downsides, the price could find bids near USD 365. Litecoin (LTC) is stuck near the USD 180 level. If LTC corrects lower, it could find bids near the USD 165 level. On the upside, the bulls are facing a strong resistance near the USD 195 and USD 200 levels.Dogecoin (DOGE) corrected gains and it even traded below USD 0.380. DOGE tested the USD 0.365 level and is now recovering. To move into a positive zone, the price must settle above the USD 0.400 level.XRP price is holding gains above the USD 0.950 level. XRP is showing positive signs and it could soon test the USD 1.0 resistance. If there are more gains, the price might accelerate higher towards the main resistance zone at USD 1.10.
Other altcoins market today
Many altcoins gained over 5%, including XTZ, WAVES, MATIC, FTM, ICX, NEXO, KSM, SOL, TEL, ALGO, GRT, ONE, and CRO. Out of these, XTZ rallied almost 12% and it cleared the USD 3.80 level.
Overall, bitcoin price is struggling below USD 38,000 and USD 40,000. If BTC fails to stay above USD 35,500, there is a risk of a decline in the near term. _____