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Home Latest News Market Bitcoin Struggles While Many Altcoins Continue To Surge

Bitcoin Struggles While Many Altcoins Continue To Surge

The price of Bitcoin faces an uphill challenge of close to USD 36,500 and USD 37,200 and  Ethereum is trading above the USD 1,150 support.

Bitcoin price failed to stabilize over the resistance of USD 38,000 and began a new decrease. The USD 37,200 support was broken by BTC and currently it trades just below USD 36,500. If there is a clear close below USD 34,200, the price could decrease in the near term by 5 percent -8 percent.

In most of the major altcoins there were steady moves. ETH/USD holds the largest support level of USD 1,150, but still faces challenges close to USD 1,250.

After another collapse around USD 38,000, the price of bitcoin began a new decline. BTC settled below the support levels of USD 37,200 and USD 36,500. The USD 35,500 support level was also broken and the bulls appear to be failing to protect the USD 35,000 support level.

Near the USD 34,200 level, the main breakdown support is now forming. In the coming sessions, a strong close below USD 34,200 and USD 34,000 may likely lead to a further lower price. Conversely, for a new rally, a break above USD 36,500 and USD 37,200 is a must this week.

Ethereum price are holding gains above support levels of USD 1,150 and USD 1,165. In a range above USD 1,150 and below USD 1,250, ETH is stuck. There are chances of a quick rally over USD 1,300 if the bulls gain strength for a drive above USD 1,250 and USD 1,265.

On the downside, the primary weekly support sits at USD 1,150. For a greater decline to USD 1,050 or USD 1,000, a downside break below USD 1,150 might open the doors.

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