Bitcoin price started a steady decline from the USD 48,000 resistance. BTC traded below the USD 46,500 and USD 45,500 support levels. It is currently (04:00 UTC) down over 3% and it might continue to trend down towards USD 44,200.
Likewise, most major altcoins are correcting gains. ETH traded below the USD 3,110 support and it even spiked below USD 3,000. XRP failed to stay above USD 1.20 and it tested the USD 1.05 support. Besides, DOT and SOL also corrected yesterday’s gains.
Total market capitalization
After a close below USD 46,500, bitcoin price extended its downside correction. BTC corrected lower below USD 45,500 and USD 45,000. It even broke the USD 44,500 support level and tested USD 44,200. The bulls were active near USD 44,200, but the price is now struggling to recover.
The first key resistance is near the USD 45,500 level. The main resistance is now forming near the USD 46,500 level, above which the price might revisit USD 48,000. Initial support on the downside is near USD 44,500, below which the price might revisit USD 44,200.
Ethereum price also followed a similar pattern and declined below the USD 3,110 support zone. ETH is down 5% and it even spiked below the USD 3,000 support. The price tested USD 2,950 and it is now attempting a recovery. To move into a positive zone, the price must surpass the USD 3,110 resistance.
If not, there is a risk of more downsides below the USD 3,000 support. The next key support is near USD 2,950, followed by the USD 2,880 pivot level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) declined sharply below the USD 2.12 and USD 2.05 support levels. It even broke the USD 2.00 support and tested USD 1.88. The price is down over 8% and it is struggling to recover above USD 2.00. The key resistance is now forming near the USD 2.12 level.
Litecoin (LTC) was rejected near the USD 188 level. As a result, there was a bearish reaction below the USD 175 support. The price even broke USD 170 and tested USD 162. If there are additional losses, the bears might aim a test of the USD 155 support zone in the near term.
Dogecoin (DOGE) trimmed most its gains and it broke the USD 0.320 support. The price is even struggling to stay above USD 0.300. It seems like the price might continue to move down towards USD 0.280. The next major support is near USD 0.265, where the bulls may appear.
XRP price is down 8% and it traded below the USD 1.15 support. It even tested the USD 1.05 level and it is now consolidating losses. To start a fresh increase, the price must surpass the USD 1.15 and USD 1.20 resistance levels.
Other altcoins market today
Many altcoins are down over 10%, including AUDIO, THETA, KSM, UNI, SHIB, ONE, HOT, SC, AAVE, and DOT. Out of these, AUDIO is down over 20% and it traded below the USD 2.80 level.
Overall, the bitcoin price is correcting gains below the USD 46,500 and USD 45,500 support levels. If BTC extends its decline below USD 44,200, it could even revisit USD 42,000.