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 are moving lower. ETH failed to stay above USD 2,800, but it is still above USD 2,650. XRP/USD is now trading well below USD 1.20 and it could even test USD 1.10.
Total market capitalization
Recently, bitcoin price recovered above the USD 38,000 and USD 40,000 resistance levels. However, BTC is facing an uphill 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 might provide support. Any more losses could lead the price towards the USD 35,000 level.
On the upside, the USD 42,000 level holds the key in the near term. A clear break above USD 42,000 might spark a strong bullish move.
Ethereum price failed to clear the USD 3,000 resistance. ETH is moving lower and it 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 might decline towards the USD 2,500 level.
On the upside, the USD 2,840 level is an immediate hurdle. The key breakout 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 might remain active near USD 365 and USD 355. If there is a fresh rally above USD 400, the price might revisit 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 seems like DOGE buyers are preparing for a move above the USD 0.400 level. The next major resistance is near the USD 0.435 level, above which the price might revisit the USD 0.450 level.
XRP price trimmed most of its gains and it is now trading well below the USD 1.120 level. It is approaching the key USD 1.10 support. Any more losses could possibly call for a test of the USD 1.00 level in the near term.
Other altcoins market today
A few altcoins gained over 8%, including XMR, HNT, ANKR, STX, TEL, SC, CRO, ZRX, ZEN, OKB, BTT, and ONT. Out of these, XMR is gaining momentum and it even surpassed the USD 300 level. It is still down by 22% in a week.
To sum up, 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.