Bitcoin and Ethereum Extend Losses, Altcoins Tumble
Bitcoin price attempted a recovery wave above USD 38,000. However, BTC failed to surpass the USD 39,500 resistance level and is currently (04:22 UTC) trading near USD 36,700, dropping 6% in a day and reaching almost three-weeks lows.
Similarly, most major altcoins are gaining bearish momentum. ETH declined below the USD 2,600 support level and is down 7% in a day. XRP dropped near USD 0.68 while ADA dived 14%, reaching USD USD 0.82.
Total market capitalization
After a short-term upside correction, bitcoin price faced sellers near the USD 39,500 level. BTC failed to extend gains and fell below the USD 37,200 support level. On the downside, the USD 36,500 level is a decent support. The next key support is near the USD 36,200 level, below which the price could decline towards the USD 35,000 level.
On the upside, the price might face resistance near the USD 37,800 level. The next key resistance is near the USD 38,200 level, above which the price might rise to USD 39,500.
Ethereum price also followed a similar pattern and declined from USD 2,750 to near the USD 2,550 support level. The next key support is near the USD 2,480 and USD 2,450 levels.
If there is a recovery wave, the price might face hurdles near USD 2,680. The next key resistance is near the USD 2,750 zone, above which the price may perhaps test USD 2,880.
Cardano (ADA) gained bearish momentum below the USD 0.90 support. It even declined below USD 0.88 and breached the USD 0.842 support zone. The current price action suggests more possible losses towards the USD 0.820 level.
BNB is down 9% and trading below the USD 360 level. The next major support is near the USD 350 level. Any more downsides might set the pace for a move towards the USD 332 support.
Solana (SOL) failed
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