–Bitcoin’s price has begun a new sharp decline below USD 39,000.
–Ethereum has dropped more than 5%, and XRP is testing the USD 0.65 support level.
–DOGE has pared its gains and is now trading below USD 0.140.
Bitcoin price struggled to extend gains above USD 40,500 and began a sharp decline below USD 39,000. It has even dropped below USD 38,000 and is currently consolidating losses near USD 38,400 (04:09 UTC). BTC is down 5% in a single day and nearly 8% in a week.
Similarly, the majority of major altcoins began a sharp decline. ETH fell 5% and traded below the USD 2,800 support level before recovering. XRP continued to fall below USD 0.65, trading as low as USD 0.62 before recovering. ADA is falling towards the USD 0.805 support level.
Bitcoin cost
Bitcoin’s price has begun a new decline after struggling above USD 40,500. BTC bears took control, pushing the price below the USD 38,750 support level. It even fell below USD 38,000 and is now consolidating losses near USD 38,400. On the upside, immediate resistance is near USD 38,800. The next major resistance level could be USD 39,200, above which the price could accelerate.
On the downside, an initial support level is near 38,000. The next significant support is near USD 37,800, below which the price may resume its decline.
Ethereum cost
Ethereum’s price followed bitcoin’s and began a sharp decline below the USD 2,920 support level. ETH broke through the USD 2,850 support level and even dropped below USD 2,800. It is now attempting a recovery, with USD 2,850 acting as immediate resistance. The next major resistance is located near USD 2,920. ETH is now down nearly 9% in a week.
On the downside, an initial support level is near USD 2,800. The next major support is near USD 2,760, below which a move to USD 2,640 is possible.
Today’s altcoin market
Many altcoins, including LUNA, DOT, MATIC, CRO, NEAR, LTC, ATOM, LINK, UNI, FTT, ALGO, ETC, and XMR, are down more than 5%. Among these, XMR is down 13% and trading below USD 230.
Overall, the bitcoin price has plummeted and is now trading below USD 38,500. If BTC falls below USD 38,000, it is possible that it will fall to USD 36,500.