Bitcoin and Ethereum Struggle to Recover, Altcoins in Red
Bitcoin price declined over 7% in a day and there was a clear move below the USD 40,000 support. It is currently (11:55 UTC) trading below USD 39,500 and there is a risk of more downsides.
Similarly, most major altcoins are gaining bearish momentum. ETH declined below the USD 2,650 and USD 2,600 support levels. XRP declined below USD 0.75 and might even slide below USD 0.72. ADA is now struggling to stay above USD 0.80.
Learn more: Bitcoin, Ethereum Slide, Liquidations Soar as Market Awaits US Inflation Numbers
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After a strong rejection near USD 42,500, bitcoin price started a fresh decline. The bulls failed to protect the USD 41,200 and USD 40,000 support levels and the price dropped near USD 39,000. The next key support is near the USD 38,500 level, below which the price may perhaps decline to USD 37,200.
On the upside, the price might face resistance near the USD 39,800 level. The next major resistance is near the USD 40,000 level, above which the price might start a steady increase.
Ethereum price also followed a similar path and declined below USD 2,600. It might even struggle to stay above USD 2,550. The next key support is near the USD 2,500 level, below which the price might dive to USD 2,320.
If there is a fresh increase, ETH could face resistance near USD 2,650. The main breakout zone is now forming near the USD 2,750 level.
Cardano (ADA) is down 5% and there was a clear move below the USD 0.82 level. The bulls are now struggling to protect the USD 0.80 level. A downside break below USD 0.80 could push the price towards USD 0.765 or even USD 0.750.
BNB failed to stay above the USD 380 level and is now trading near the USD 375. The next major support is USD 365, below which the price might
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