Bitcoin, Ethereum and Altcoin continue their decline

  • price Bitcoin It settled below the $40,000 pivot level.
  • Ethereum It is trading below the $2,920 support, and XRP is trading below the $0.70 support.
  • APE and ADA are the best performers today.

Bitcoin price failed to recover above the $40,500 resistance area and started a new drop below $40,000. Currently (04:10 UTC) is showing bearish signs near $39,250 and losses could extend below the $38,800 support area. BTC is down nearly 2% in one day and more than 1% in one week.

Similarly, most of the major factors Alt currency Facing increasing sales pressure. ETH broke below the $2,920 support area. XRP fell below the $0.70 support to move further into a bearish territory. ADA is approaching the $0.85 support area.

Total market value

Bitcoin Ethereum
Source: tradingview.com

Bitcoin price

After a failed attempt near $40,000, Bitcoin price faced a spike in selling interest. Bitcoin is trading below the $40,000 support area. It also broke the $39,200 support area. If the bears continue to act, the price could drop below the $38,800 support area. The next major support is near $38,000, below which the price could test $37,200.

There is immediate resistance to the upside near the $39,550 level. It appears that the main weekly resistance is forming near the $40,000 area, above which the price could start a new rally.

Ethereum price

Ethereum price settled below the pivotal level of $3,000. ETH also traded below the support area at $2,920 to move into a bearish zone. It is now consolidating near the $2,850 level and is down 3% in one day and 4% in a week. The next major support is near the $2,780 level, below which there is a more pronounced downside risk.

On the upside, the $2,920 level could act as resistance. The main weekly resistance may be near the $3000 level.

ADA, BNB, SOL, DOGE and XRP price

Cardano (ADA) fell below the $0.90 support area. The price also traded below $0.865 before recovering, but the bears may still point to a move below the $0.85 support area.

Binance Coin (BNB) is trading below the key support level of $400. It is showing bearish signs and may test the $385 support soon. If there are more losses, the price may slide towards the $365 level.

Solana (SOL) is down about 4% and there was a clear move below the $100 support. The next major support is near the $95 level, below which the price could gain bearish momentum.

Dogecoin (DOGE) is down more than 4% and there was a move below the $0.130 support. The price is moving lower towards the $0.125 level. More losses may push the price towards the $0.122 level.

XRP price is down about 5% and there was a strong move below the $0.70 support. The price is now approaching the $0.665 support level, which could also test $0.65 below it.

More altcoins today

Several altcoins are down more than 4%, including AVAX, DOT, MATIC, NEAR, TRX, ATOM, WAVES, UNI, XMR, ETC, HBAR, ICP and VET. Meanwhile, APE and GMT are the best performers today, both up about 5%. APE broke above the $17 level, while the GMT was trading above the $3.35 level.

Overall, the bitcoin price is facing increasing selling pressure below $40,000. If BTC stabilizes below $39,000 and $38,800, there may be a stronger sell-off in the near term.

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