Wed. Aug 10th, 2022
  • Bitcoin price is struggling to stay above USD 45,500.
  • Ethereum could extend decline to USD 3,650, XRP trimmed gains and tested USD 0.85.
  • The majority of altcoins are in red, while YFI rallied over 8% and traded above USD 35k.

Bitcoin price struggled to clear the USD 48,500 resistance level and started another decline. BTC traded below USD 47,000 and it seems like there is a risk of more losses. It is currently (11:56 UTC) trading below USD 46,500 and it could even decline below USD 45,500.

Similarly, most major altcoins are trading below important hurdles. ETH could continue to move down towards the USD 3,650 level. XRP trimmed gains and settled below USD 0.865. ADA is approaching the USD 1.20 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After another failure near USD 47,500, bitcoin price started a fresh decline. BTC traded below the USD 46,500 level and it may soon revisit USD 45,500. If there is a downside break below the USD 45,500 level, the price could dive further. In this case, the price may possibly decline towards the USD 43,200 level.

On the upside, an initial resistance is near USD 46,500. The first major resistance is near the USD 47,200 zone, above which the price could revisit the USD 48,500 resistance.

Ethereum price

Ethereum price is now trading well below the USD 4,000 level. ETH even traded below USD 3,850 and there is a risk of a move towards the USD 3,750 level. The next key support is near the USD 3,650 level, below which the price might decline towards USD 3,550.

If there is a fresh increase, the price may perhaps face resistance near USD 3,920. The next key resistance is near the USD 4,000 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is moving lower and there was a clear break below the USD 1.22 support level. The next key support is near the USD 1.20 level, below which the bears might test the USD 1.185 level.

Binance coin (BNB) might soon revisit the USD 500 handle. If the bulls fail to protect the USD 500 level, the price could decline further. In this case, BNB could test the USD 465 level.

Solana (SOL) is down 6% and there was a break below the USD 175 support. The next key support is near the USD 165 level. A downside break below USD 165 may possibly push the price towards the USD 150 support.

DOGE is down 4% and trading below USD 0.175. The next major support is near USD 0.160, below which the price could extend losses. The next stop for the bears could be the USD 0.150 support zone.

XRP price failed to stay above the USD 0.900 level. As a result, there was a sharp downside correction below USD 0.880 and USD 0.850. The price is now consolidating and it might even test the USD 0.832 support zone.

Other altcoins market today

Many altcoins are down over 5%, including KDA, XDC, WAVES, CRV, COMP, ATOM, ALGO, GALA, AAVE, VGX, and BAT. Meanwhile, YFI is today the best performer among the top 100 cryptoassets by market capitalization. It jumped 8% and surpassed the USD 35,300 level. YFI is now also up by 62% in a week.

To sum up, bitcoin price is declining and approaching the USD 45,500 support. If BTC fails to stay above USD 45,500, there could be a sharper decline.

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