Bitcoin price attempted an upside break above the USD 42,250 resistance zone but failed. BTC started a downside correction and is currently (04:18 UTC) trading near USD 40,800.
Similarly, most major altcoins are also moving lower. ETH failed to surpass USD 3,000 and declined below USD 2,900. XRP tested USD 0.82 before correcting lower. ADA failed to clear the key USD 0.92 resistance zone.
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After a failed attempt to clear the USD 42,250 resistance, bitcoin price started a downside correction. It is now trading below USD 41,000 and might continue to move lower towards USD 40,500. The main weekly support is near the USD 40,000 level, below which the price may perhaps revisit the USD 39,000 support zone.
If there is a fresh increase, the price might face resistance near USD 41,250. The next key resistance is near the USD 42,250 level, above which the price could gain bullish momentum.
Ethereum price attempted to gain pace above USD 2,950 but faced a strong resistance. ETH is now moving lower and trading below USD 2,900. The next major support is near the USD 2,800 level, below which the price might test the USD 2,750 support zone.
On the upside, an initial resistance is near the USD 2,900 level. The next major hurdle is now forming near the USD 2,950 level.
Cardano (ADA) traded above the USD 0.90 resistance zone. However, it failed to clear the USD 0.92 resistance zone. It is now back below USD 0.90 and might decline towards the USD 0.865 support.
BNB extended gains above the USD 388 resistance level. It even spiked above the USD 400 resistance level. However, there was no upside continuation and the price declined below USD 390 again.
Solana (SOL) failed to clear the USD 92 resistance zone. If there is a downside break below the USD 85 support, the price might move down. In this case, SOL may perhaps decline towards USD 78.
DOGE gained pace above the USD 0.120 resistance. It traded close to the key USD 0.124 resistance level, where the bears emerged. The price is trimming gains and might test the USD 0.118 support zone.
XRP price spiked above the USD 0.80 resistance. It faced a strong selling interest and there was no close above USD 0.82. The price is now moving lower and approaching the USD 0.788 support zone. Any more losses might push the price towards USD 0.768.
Many altcoins are in the red zone, including AVAX, DOT, SHIB, MATIC, NEAR, LINK, UNI, MANA, ICP, SAND, FTM, and MIOTA. Conversely, DASH is up almost 9% and trading above USD 110. Meanwhile, the newly emerged APE is now down 40% since its peak reached last Friday as it keeps trending lower and is trading near USD 10. It’s down 10% in a day.
Overall, bitcoin price is slowly moving lower from the USD 42,250 resistance level. BTC might even drop below the USD 40,500 level, but the USD 40,000 support is the key for the next increase.