Bitcoin and Ethereum Nosedive, All Top 100 Coins in Red

  • Bitcoin price reversed gains and declined below USD 36,500.
  • Ethereum dropped below USD 2,800, XRP tested USD 0.58.
  • SOL and  ADA are still down over 10%.

Bitcoin price failed to continue higher above the USD 40,000 resistance zone and started a fresh decline below the USD 38,500 support. BTC is down 8% in a day and is currently (04:01 UTC) consolidating near USD 36,500. It is also down 8% in a week.

Similarly, most major altcoins declined heavily. ETH traded below the USD 2,780 and USD 2,750 support levels. XRP declined below the USD 0.60 support and tested USD 0.58. ADA is down almost 11% and is trading below the USD 0.80 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a strong rejection near USD 40,000, bitcoin price started a major decline. BTC traded below the USD 36,500 support level and tested USD 35,850. It is now correcting losses and trading above USD 36,200. An immediate resistance is near the USD 37,000 level. The next key resistance is now forming near the USD 37,500 level.

On the downside, an initial support is near USD 36,000. The next major support is near USD 35,400, below which the price might resume its decline.

Ethereum price

Ethereum price also started a major decline from the USD 2,950 resistance and tested USD 2,700 before recovering. It is now consolidating near the USD 2,750 level and might face resistance near the USD 2,800 level. ETH is down almost 7% in a day and 6% in a week.

On the downside, an immediate support is near the USD 2,700 level. The next major support is near the USD 2,680 level, below which the price might test USD 2,620.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) reversed all its gains and declined below the USD 0.85 support. There was a clear move below the USD 0.80 level and ADA might continue to move down towards the USD 0.75 level.

BNB is down over 6% and there was a break below the USD 380 support. If the bears remain in action, the price may perhaps test USD 365. On the upside, the USD 385 level presents resistance.

Solana (SOL) saw a strong decline below the USD 90 level. It dropped over 12% and traded below the USD 85 level. The next major support on the downside is seen near the USD 80 level.

DOGE settled below the USD 0.130 support. It even tested the USD 0.125 support level. If there is a downside break below the USD 0.125 level, the price could slide towards USD 0.122.

XRP price also fell and declined below the USD 0.60 support. It tested USD 0.58 before recovering above USD 0.60. XRP is still down almost 7% in a day. To start a fresh increase, the price must surpass USD 0.632.

Other altcoins market today

Many altcoins are down over 8%, including LUNA, AVAX, DOT, APE, GMT, SHIB, MATIC, TRX, NEAR, LTC, BCH, LINK, FTT, LEO, and XLM. Out of these, APE dropped almost 18%, while GMT crashed 20%. All the top 100 cryptoassets are in red today.

Overall, bitcoin price declined heavily and traded below a major support at USD 37,500. If BTC starts a recovery wave, the same support may perhaps act as a resistance.