Bitcoin price is consolidating near USD 40,000 with a major hurdle near USD 42,000. Ethereum is still trading well below USD 3,000, XRP could retest the USD 1.10 support zone. XMR gained more than 25% to hit the USD 300 level.
Bitcoin price was able to clear the USD 38,000 and USD 40,000 resistance levels. However, BTC is struggling to clear the USD 42,000 resistance. It is currently (12:30 PM UTC) consolidating gains and it could make another attempt to clear the USD 42,000 level.
Besides, most major altcoins go lower. ETH didn’t stay above USD 2,800, but it is still above USD 2,650. XRP / USD is now trading well below USD 1.20 and could even test USD 1.10.
Recently, bitcoin price recovered above the USD 38,000 and USD 40,000 resistance levels. However, BTC faces a daunting task near the USD 42,000 level. It is now consolidating near the USD 40,000 level. If there is a bearish reaction, the USD 38,000 level may provide support. Even more losses could push the price towards the USD 35,000 level.
On the upside, the near-term USD 42,000 level is key. A clear break above USD 42,000 could trigger a strong bullish move.
Ethereum price failed to clear the USD 3,000 resistance. ETH is moving lower and broke the USD 2,800 level. The price is now consolidating near the USD 2,700 level. The first major support is near the USD 2,650 level, below which the price may decline towards the USD 2,500 level.
On the upside, the USD 2,840 level is an immediate hurdle. The main escape zone is still near the USD 3,000 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) spiked above USD 400, but it failed near USD 425. It is consolidating near the USD 385 pivot level. If there is a bearish wave, the bulls could remain active near USD 365 and USD 355. If there is another rally above USD 400, the price could go back to USD 425.
Litecoin (LTC) is trading in a range above the USD 200 level. An initial resistance is near the USD 220 level. A successful close above USD 220 could propel the price towards the USD 250 level in the near term. If not, the price could decline towards the USD 180 support.
Dogecoin (DOGE) is trading above the USD 0.380 level. It looks like DOGE buyers are preparing for a move above the USD 0.400 level. The next big resistance is near the USD 0.435 level, above which the price could revisit the USD 0.450 level.
XRP price has cropped most of its gains and it is now trading well below the USD 1,120 level. It is nearing the key support at USD 1.10. Even more losses could potentially require a test of the USD 1.00 level in the near term.
Other altcoins market today
A few altcoins gained more than 8%, including XMR, HNT, ANKR, STX, TEL, SC, CRO, ZRX, ZEN, OKB, BTT and ONT. Of these, XMR is gaining momentum, even surpassing the USD 300 level. It’s still down 22% in a week.
In short, bitcoin price is struggling to clear the USD 42,000 zone. If BTC continues to struggle, there could be a bearish reaction below the USD 38,000 level.