Bitcoin price failed to settle above the USD 40,000 resistance zone. BTC started a downside correction below the USD 39,200 support. It is currently (12:31 UTC) trading below USD 39,000 and it might revisit USD 38,000.
Besides, most major altcoins are also correcting gains. ETH topped near USD 2,450 and corrected below USD 2,400. XRP is also moving lower and it might revisit USD 0.700.
Total market capitalization
After a failed attempt above USD 40,000, bitcoin price started a downside correction. BTC traded below the USD 39,200 and USD 39,000 support levels. If the bears remain in action, the price might test USD 38,000. The next key support is near the USD 37,800 level, below which the price might test USD 36,400.
On the upside, an immediate resistance is near USD 39,200 level. The main barrier for the bulls is still near the USD 40,000 level, above which there could be a stronger increase.
Ethereum price gained strength today and it climbed above the USD 2,400 level. ETH even tested the USD 2,450 level before it corrected lower. There was a break below the USD 2,400 level and the price is now showing bearish signs.
If there are more downsides, the price might test the USD 2,300 support zone. The next major support is near the USD 2,250 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) failed to clear the USD 1.32 resistance. The price is back below USD 1.30 and it is now approaching the USD 1.25 support. Any more losses might lead the price towards the USD 1.22 support. On the upside, the bears might remain active near the USD 1.30 level.
Litecoin (LTC) topped near the USD 143 level and it corrected gains. LTC traded below USD 140 and it is now testing the USD 135 support. Any more downsides might lead the price towards the USD 132 level. On the upside, a daily close above USD 140 is needed for a sustained upward move.
Dogecoin (DOGE) struggled to clear USD 0.212 resistance. As a result, there was a bearish reaction below the USD 0.200 level. The price might revisit the USD 0.180 support. The next major support is near USD 0.165, where the bulls might take a stand.
XRP price spiked above the USD 0.750 resistance before it corrected lower. It is now testing the USD 0.720 zone. The main support is now near the USD 0.700 level. If the bulls fail to protect USD 0.700, there could be a sustained downward move towards the USD 0.650 support.
Other altcoins market today
A few altcoins climbed over 5%, including FLOW, BTG, STX, SOL, ONT, KCS, HBAR, BCH, and LEO. Out of these, FLOW rallied over 40% and it surpassed the USD 25 level.
To sum up, bitcoin price failed to settle above the USD 40,000 resistance zone. BTC is correcting gains, but the bulls might take a stand near USD 38,000 or USD 37,200 in the near term.