Bitcoin and Ethereum struggle to recover, small Altcoins cut losses

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Bitcoin is struggling near USD 35,000. Ethereum settled below $2,500, XRP struggles to stay above $0.60. CRO, KDA and ATOM are up more than 5%.

Last weekend, bitcoin price started a steep decline below the $40,000 support. BTC traded below the $35,000 level to move further into a bearish zone. It is currently (05:36 UTC) consolidating its losses at nearly $35,000.

Likewise, most of the major altcoins fell sharply. ETH traded below the key $2,650 support zone. XRP declined and even climbed below $0.60. ADA fell and there was a sharp move below $1.00 before recovering.

Total market capitalization

Source: tradingview.comBitcoin price

Over the past couple of days, bitcoin price has seen a steep decline below the $40,000 support. BTC fell sharply below the $38,000 and $37,000 level. It even broke the $35,000 support and tested $34,000. It is now recovering and facing resistance near $35,500. The next major resistance is near $36,500, above which the price may start a wave towards $38,000.

On the downside, an initial support is near the USD 34,500 level. The next major support is near $34,000, below which the price may resume its downtrend.

Ether price

Ethereum price also started a major decline below the $3,000 support level. ETH even settled below the $3,650 level. He tested $2,400 and is currently consolidating his losses. On the upside, an immediate resistance is near USD 2,500. The next key resistance is near $2,650, above which the price could trigger a stronger corrective wave.

An initial support is near the $2,400 level. The next major support is near $2,350, below which the price could plunge towards $2,120.

ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) gained bearish momentum below $1.10. It even peaked below $1.00 before there was a wave of recovery. The price is back above $1.00 but is facing resistance near $1.12.

Binance Coin (BNB) settled below the USD 400 level and tested USD 350. If there is a wave of recovery, previous supports near $385 and $400 could be strong hurdles. On the downside, the main support is near USD 350.

Solana (SOL) is still down nearly 6% and there was a daily close below $100. If the bears stay in action, perhaps the price could drop towards the $75 level. The next major support is near the $66 level.

DOGE is struggling to stay above the $0.135 level. If there is a clear break on the downside, the price could decline towards $0.120. The next major support is near the $0.105 level.

XRP price is consolidating near the $0.60 level. An immediate support is near the $0.580 level. The next key support is near $0.550, below which there is a risk of a steep decline towards $0.50.

Market of other altcoins today

Many altcoins are down more than 5%, including DOT, MATIC, UNI, NEAR, ALGO, TRX, HBAR, VET, and SAND. Conversely, ATOM gained almost 8% in one day and rallied above USD 32, reducing its weekly losses to less than 25%. CRO rose nearly 6% in one day, approaching $0.366 and trimming its weekly losses to 21%.

Overall, bitcoin price is trading in a bearish zone below the USD 38,000 level. If BTC remains below USD 36,500 and USD 38,000, there could be further losses.

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