Bitcoin and Ethereum bearish, altcoins reduce earnings
- The price of Bitcoin it failed to settle above the $ 38,000 resistance.
- Ethereum fell below $ 2,400, XRP traded below $ 0.60 support.
- AVAX and ATOM fell by more than 9%.
Bitcoin price attempted a close above the USD 38,000 resistance zone. BTC failed to gain strength following the Fed’s statements, causing it to drop again below the $ 37,000 level. Currently (04:17 UTC) it is trading below USD 36,000 and is showing bearish signs.
Likewise, most of the main ones altcoin began a new decline. ETH reached a high near USD 2,720 and fell below USD 2,400. XRP failed to stay above USD 0.65 and fell below USD 0.60. ADA is struggling to stay above USD 1.00.
Total market capitalization
The price of Bitcoin
After a move above USD 37,000, Bitcoin’s price attempted a close above the USD 38,000 resistance zone. However, BTC failed to remain stable and began a new decline. There was a sharp drop below the USD 37,200 and USD 37,000 levels. It even dropped below $ 36,000 and tested $ 35,000 before recovering close to $ 36,000 again. On the downside, initial support is near the USD 35,200 level. The next major support is near USD 35,000, below which the price could revisit USD 34,000.
On the upside, the price is facing resistance near the USD 36,200 level. The next major resistance is near USD 37,000, above which the price could rise towards the USD 38,000 hurdle.
The price of Ethereum
The price of Ethereum surpassed USD 2,700, but there was no continuation to the upside. ETH started a new decline and was trading below USD 2,600. There was also a move below USD 2,400. Initial support is near the USD 2,320 level. The next major support is near USD 2,250, below which the price could extend losses.
The first key resistance on the upside is near the USD 2,450 level. The next key resistance is near USD 2,500, above which the price could start a new rise.
The price of ADA, BNB, SOL, DOGE and XRP
Cardano (ADA) trimmed gains and traded below the USD 1.04 level. It is now struggling to stay above USD 1.00. If there is a bearish drop, the price could revisit the USD 0.95 support.
Binance coin (BNB) is down 4% and there has been a clear move below the USD 365 level. The next major support is near USD 350. Any further downside could prompt a move towards the USD 320 level.
Solana (SOL) is down about 7% and there has been a move below the USD 90 level. The next major support is near the USD 85 level, below which there is a risk of a move towards the USD 75 level.
Dogecoin (DOGE) is down 3% and is testing the USD 0.140 level. If there is a break to the downside, the bears may also test USD 0.122.
The price of XRP has eliminated all of its daily gains and is trading below the USD 0.60 support. The next key support is near USD 0.58, below which the price could drop to USD 0.55. To initiate a new increase, the price must exceed USD 0.620.
More altcoin markets today
Many altcoins are down more than 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, ATOM, LINK, NEAR, UNI, and ALGO. Of these, ATOM is down 12% and has moved below USD 30.50, while AVAX is down nearly 10%, approaching USD 62.
Overall, the price of bitcoin has started a new decline below the USD 36,000 level. If BTC fails to return above USD 35,000, there is a risk of a sharp drop in the short term.
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