Bitcoin Tests USD 38K, Ethereum Struggles, Altcoins in Red
Bitcoin price struggled to extend gains above the USD 40,500 level and started a sharp decline below the USD 39,000 level. It even spiked below USD 38,000 and is currently (04:09 UTC) consolidating losses near USD 38,400. BTC is down 5% in a day and almost 8% in a week.
Similarly, most major altcoins started a strong decline. ETH declined 5% and traded below the USD 2,800 support zone before recovering. XRP extended its decline below USD 0.65 and traded close to USD 0.62 before recovering. ADA is moving lower towards the USD 0.805 support.
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After struggling above USD 40,500, bitcoin price started a fresh decline. BTC bears took control and pushed the price below the USD 38,750 support. It even spiked below USD 38,000 and is currently consolidating losses near USD 38,400. An immediate resistance on the upside is near USD 38,800. The next major resistance might be USD 39,200, above which the price may perhaps gain pace.
On the downside, an initial support is near the 38,000 level. The next major support is near USD 37,800, below which the price might resume its decline.
Ethereum price also followed bitcoin and started a sharp decline below the USD 2,920 support. ETH broke the USD 2,850 support and even spiked below USD 2,800. It is now attempting a recovery, with an immediate resistance at USD 2,850. The next major resistance is near the USD 2,920 level. ETH is now down almost 9% in a week.
On the downside, an initial support is near the USD 2,800 level. The next major support is near the USD 2,760 level, below which there is a risk of a move to USD 2,640.
Cardano (ADA) resumed its decline below the USD 0.85. The price might even struggle to stay above USD 0.82. In this case, there is a risk of a move
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