Bitcoin Drops On Musk’s Ambiguous Tweet, DOGE Ignores Coinbase News
Bitcoin price climbed above the USD 38,000 resistance zone. BTC even broke USD 39,000, but it failed to even test USD 40,000. There was a fresh downside correction and the price is currently (04:40 UTC) consolidating near USD 38,000.
Besides, most major altcoins also corrected gains. ETH topped near USD 2,880 and it corrected below the USD 2,800 support level. XRP/USD is struggling to start a fresh increase and it might decline to test USD 0.95.
Today, Tesla‘s Elon Musk cryptically tweeted “#Bitcoin” with a broken heart emoji and a meme with a reference to a lyric from the popular song “In the End” by Linkin Park. He later added another meme, showing a trader who is crying because of a price correction. In March, Tesla sold 10% of the BTC holdings it had bought at the start of the year for USD 1.5bn.
Total market capitalization
After a failed attempt near USD 39,500, bitcoin price started a downside correction. BTC traded below the USD 38,500 and USD 38,000 levels. The bulls are now protecting the USD 37,000 support level. The next major support is near the USD 36,500 level, below which the price could dive towards the USD 35,500 level.
On the upside, the price is facing hurdles near the USD 38,500 level. The first major resistance is near USD 39,500, followed by the USD 40,000 pivot level.
Ethereum price failed to test the key USD 3,000 resistance zone. ETH formed a high near USD 2,885 and it recently corrected lower. There was a break below the USD 2,800 and USD 2,780 levels. The price is showing a few bearish signs and it could test USD 2,700 or even USD 2,650.
On the upside, an initial resistance is near the USD 2,800 level. The main resistance is at USD 2,880, followed by the main USD 3,000 barrier.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) spiked above the USD 425 resistance, but it failed to test USD 440. There was a minor decline below the USD 420 level. The bulls are now protecting USD 400, below which the price might test the USD 380 support.
Litecoin (LTC) again failed to clear the USD 195 and USD 200 resistance levels. LTC is now trading near the USD 180 support level. If there are more losses, the bears might test the USD 165 support zone in the near term.
Dogecoin (DOGE) started a major downside correction after it topped near the USD 0.440 level. DOGE declined below the USD 0.420 and USD 0.400 support levels. Any more losses could lead the price towards the USD 0.365 support zone. The price dropped despite Coinbase saying it’s also adding DOGE support on Coinbase.com and in the Coinbase Android and iOS apps.
XRP price failed to clear the USD 1.05 and USD 1.10 resistance levels. It is now showing a few bearish signs and it could decline below USD 1.00 and USD 0.98. The next major support is near USD 0.950, below which the price might revisit USD 0.920.
Other altcoins market today
Many altcoins gained over 8%, including FIL, UMA, THETA, NANO, TFUEL, ICP, VET, GRT, BTT, SOL, and MKR. Out of these, FIL gained almost 30% and it almost tested the USD 100 level.
Overall, bitcoin price is correcting gains from the USD 39,500 region. If BTC remains stable above USD 37,000, there are chances of a fresh increase towards the USD 40,000 level. If not, it could dive towards the USD 35,000 support zone in the coming sessions.