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Bitcoin and Ethereum Recovery Faces Hurdles, Altcoins Inch Higher

Bitcoin price returned above USD 39,000 after testing USD 30,000. Ethereum is facing hurdles near USD 2,650, XRP is consolidating above USD 1.00. FTM, CRV, RUNE, LUNA, and KSM are down over 20%.

Bitcoin price nosedived in the past few sessions and it declined below the USD 35,000 support. BTC even tested the USD 30,000 zone and it is currently (04:30 UTC) correcting higher. It is back above USD 39,000, but the bulls might face hurdles near USD 40,000.

Similarly, most major altcoins are facing many hurdles. ETH tested the USD 2,000 support zone and it is now facing resistance near USD 2,650, XRP/USD spiked below the USD 1.00 support level and it is now consolidating losses.

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Bitcoin and Ethereum Recovery Faces Hurdles, Altcoins Inch Higher 101

Bitcoin price

After a major downside break below USD 40,000, bitcoin price started a strong decline. BTC dropped over 25% and it even tested the USD 30,000 zone, before recovering above the USD 39,000 level. However, the bulls are facing many important barriers at this level and USD 40,000.
A successful close above USD 40,000 is needed for upside continuation. If not, the price might start a fresh decline towards the USD 32,000 support or even USD 30,000.

Ethereum price

Ethereum price also followed a similar pattern and it collapsed below the USD 3,000 support. ETH even broke the USD 2,200 and USD 2,000 levels. The price is recovering and trading above USD 2,350. An immediate resistance is near the USD 2,650 level.
The first major resistance is near USD 2,800, followed by USD 3,000. If there is no recovery above USD 2,800, the price might decline towards the USD 2,000 support.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) tumbled and it even broke the USD 300 support. BNB tested USD 275 and it recovered above USD 300. It broke the USD 320 level, but the bulls might face resistance near USD 350 and USD 365. The main support on the downside is USD 300.
Litecoin (LTC) is down over 24% and it broke the USD 200 support zone, before returning above this level again. If there are more losses, the bears might aim for a test of the USD 150 support.
Dogecoin (DOGE) settled below the USD 0.350 support level. It is still holding the USD 0.300 and USD 0.305 support levels. As long as there is no close below USD 0.300, the price could climb above USD 0.400 in the near term.
XRP price spiked below the USD 1.00 support zone. It tested the USD 0.850 level and it is now consolidating losses above USD 1.00. An immediate resistance is near the USD 1.150 level. The main resistance is near the USD 1.250 level.

Other altcoins market today

Many altcoins declined over 20%, including FTM, CRV, RUNE, LUNA, KSM, BSV, AVAX, ZRX, SNX, ONE, MIOTA, LINK, ATOM, XTZ, DOT, and AAVE. Out of these, FTM and LUNA are down over 30%. However, in the past hour, altcoins are showing positive signs and are moving higher.

Overall, bitcoin price declined heavily, but the USD 30,000 zone is acting as a strong support. If BTC climbs above USD 40,000, the bulls might gain strength in the near term.

Author: Aayush Jindal/ Source: CryptoNews

Cheryl Fu

Cheryl is adept at capturing the most topical business news and has her own unique analysis. This is rare for a young person and she's offered up some really interesting ideas since joining FirmKnow Media.
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