Bitcoin price began a downward correction from well over USD 40,000. BTC fell below the USD 39,200 support level but was bid well above USD 37,500. It is currently trading above USD 38,000 (05:00 UTC) but faces hurdles near USD 39,200.
Similarly, Ethereum corrected more than $ 200 from the $ 1,760 high but found strong support near $ 1,500. Also, most of the other major altcoins are showing positive signs. XRP / USD is stable above USD 0.400 but is facing resistance near USD 0.440.
Total market capitalization
After a downward correction, Bitcoin price found support near $ 37,500. BTC rebounded above USD 38,000 and is showing some positive signs. The price is now trading well above $ 38,000, with immediate resistance near the $ 39,200 level. A sharp break above the $ 39,200 zone could open the doors to a new test of $ 40,000.
Initial support is near the USD 38,000 level. The first major support is at $ 37,500, below which the price could test the weekly main support at $ 35,500.
The price of Ethereum fell sharply towards the USD 1,500 support zone. ETH rebounded from USD 1,500 and is now trading above USD 1,600. If the bulls remain active, the price could move towards USD 1,680 and USD 1,700. Further gains could push the price towards USD 1,750.
If it comes to another drop, the USD 1,550 is a decent support. The main support is now forming near the USD 1,500 level, below which the price could drop sharply.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is stable above USD 440 and is consolidating in a row. BCH faces a small hurdle near $ 450 above which the price may accelerate higher. The next major resistance is at $ 465, above which a strong rally towards the USD 500 level could begin.
Litecoin (LTC) is stable near USD 150 and is showing some positive signs. If LTC gains momentum above USD 155, it could hit the USD 165 level again. Further upside moves could set the pace for a move towards the USD 188 and USD 192 levels. On the flip side, the USD 142 and USD 140 levels are strong support areas.
The XRP price was above the USD 0.400 and USD 0.420 levels. The price is currently consolidating and it looks like it may attempt another uptrend above USD 0.440 and USD 0.450. A closing price above USD 0.450 could potentially trigger a sharp spike in the upcoming sessions.
Other altcoin market today
Many altcoins rose over 15%, including AVAX, EGLD, MATIC, LUNA, ATOM, NEAR, DOGE, XEM, BRT, ZRX, SOL, and RUNE. Of these, AVAX rose over 35% and broke the USD 25.00 resistance.
Overall, Bitcoin price is showing positive signs above USD 38,000 and USD 37,500. If BTC hits the USD 39,200 and USD 40,000 resistance levels, the bulls may be aiming for a new all-time in the coming days.
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