Bitcoin price tried to recover from USD 38,000, but BTC failed to surpass the USD 39,500 level of resistance and, at the moment, is trading close to USD 36,700. As a result, Bitcoin’s price has dropped by 6% over a single day and soared to a three-week low.
After a quick-term correction upwards, the bitcoin price was in the hands of sellers at around the USD 39,500 mark. BTC did not extend gains and then fell below the support level of USD 37,200. On the negative side, the USD 36,500 mark is a solid level of support. The next major support is close to the USD 36,200 mark, and below that, the price may fall to the USD 35,000 mark.
On the other hand, it could face resistance close to the USD 37800 mark. The following significant resistance will be close to the USD 38,200 mark, over which the price could increase to USD 39,500.
Ethereum price drop
Even Ethereum (ETH) dropped below the support level of USD 2,600 and is currently down 7%, close to the USD 2,550 mark as a support level, over a single day. The story is almost similar to Bitcoin’s price drop. The next significant support is located between around the USD 2480 or 2,450 levels.
The next major resistance will be near the USD 2,750 level, where the price might attempt to test USD 2,880.
ADA, BNB, SOL, DOGE, and XRP prices see drop
Cardano (ADA) increased its bearish momentum to lower than that USD 0.90 support. The price even fell to below USD 0.88 and broke through that USD 0.842 area of support. The current price movement suggests more losses towards the USD 0.820 threshold.
BNB is down 9 percent and trading just under levels below the USD 360 mark. The next important support will be near the USD 350 mark. If there are more negatives, it could be the catalyst for an eventual move towards the USD 332 level.
Solana (SOL) could not break through the USD 95 resistance and began a new decline. It’s down by nearly 13%, trading just below USD 85. If bears continue to be active, the price could reach the USD 75 mark.
DOGE broke through the USD 0.135 support level and reached the USD 0.125. If bears stay active, the price could reach that USD 0.122 threshold. On the other hand, the USD 0.135 could serve as resistance.
The price of XRP decreased by 14% and was trading below the USD 0.70 threshold. The next important support will be near USD 0.665 area, which is where the bulls may decide to stand. If the market recovers, then the USD 0.725 level could serve as resistance.
Same story for other Altcoins
Several altcoins are trading below 10%, including SOL, AVAX, SHIB, MATIC, LTC, ATOM, NEAR, UNI, ALGO, MANA, XLM, FTM, and ICP. MATIC is down 13 percent and is trading at a price lower than USD 1.40 and has increased its losses per week to 17%.
Overall, the bitcoin price shows a bearish trend lower than the USD 38,000 support. Therefore, if BTC falls below the USD 36,000 level, it may be a while before reaching the USD 35,000 support level. So only time will tell if Bitcoin will see further price drop or consolidation.