Bitcoin price failed to recover above USD 49,000 and started a fresh decline. BTC traded below the USD 47,500 and USD 47,200 support levels. The current (11:45 UTC) price action is showing bearish signs and BTC could continue to move down towards USD 46,000.
Similarly, most major altcoins are gradually moving lower. ETH failed to surpass USD 3,200 and it started a fresh decline below USD 3,110. XRP is also moving lower and it could test USD 1.05. ADA broke the USD 2.60 support and it might even decline below USD 2.50.
Total market capitalization
After a key rejection near USD 49,000, bitcoin price encountered a fresh round of selling. As a result, BTC started a fresh decline and traded below USD 47,500. It even broke the USD 47,200 support level and USD 47,000. If there are additional losses, the price might test the USD 46,000 region in the near term.
On the upside, an initial resistance is near the USD 47,800 level. The first major resistance is now forming near the USD 48,500 level, followed by USD 49,000.
Ethereum price also followed a similar pattern and it broke the USD 3,110 support level. ETH is slowly moving lower and may possibly test the main USD 3,000 support. If there is a downside break below USD 3,000, the price could even test USD 2,880.
On the upside, immediate resistance for the bulls is near the USD 3,150 level. The main breakout resistance is now forming near the USD 3,200 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) resumed its decline and traded below the USD 2.60 support. If the bears remain in action, the price could even trade below USD 2.50. In the stated case, the next major support is near the USD 2.35. Conversely, the price might start a fresh increase above the USD 2.65 resistance zone.
Litecoin (LTC) is consolidating losses near the USD 168 level. An immediate support is near the USD 165 level. A downside break below USD 165 could open the doors for a move towards the USD 155 level. On the upside, the first key resistance is near the USD 180 level, followed by USD 188.
Dogecoin (DOGE) is moving lower and it traded below the USD 0.280 support. If the price remains in a bearish zone, the next stop for the bears might be USD 0.250. Conversely, the price may possibly recover and test the USD 0.292 resistance zone.
XRP price is now trading well below the USD 1.20 pivot level. The price is struggling to stay above USD 1.10 and it seems like the price might even test the USD 1.05 support. The next major support for the bulls is near the USD 1.00 handle.
Other altcoins market today
Many altcoins are down 5%, including AVAX, ZEN, LUNA, XDC, PERP, QNT, RUNE, AUDIO, BTG, and AXX. Conversely, REV gained over 10% and it remained stable above the USD 0.011 level.
To sum up, the bitcoin price is struggling to recover above USD 47,800 and USD 48,000. If BTC extends decline below USD 46,800, it could even test the USD 46,000 level.