Bitcoin price failed to remain stable and it extended its decline below USD 38,000. The bulls are protecting the USD 37,200 zone, but there is a risk of more downsides. BTC is currently (15:16 UTC) trading below USD 38,000 and it is facing resistance near USD 38,500.
Besides, most major altcoins are facing an uphill task. ETH tested the USD 2,300 support and it is now consolidating losses. XRP/USD is now trading below the USD 0.850 pivot level.
Total market capitalization
Source: www.tradingview.com
Bitcoin price
After a break below USD 38,500, bitcoin price extended its decline. BTC even traded below USD 38,000 before the bulls appeared above USD 37,000. The price is recovering losses, with an immediate resistance near the USD 38,500 level. The first major resistance is near the USD 38,800 and USD 39,000 level. The main resistance sits at USD 40,000.
If the price fails to correct above USD 38,500 or USD 39,000, there are chances of more downsides. A break below USD 37,200 could take the price towards USD 36,500.