Bitcoin struggles to convert $36,000 level to support
Bitcoin is facing a crucial test as traders aim to convert the $36,000 level into support. A failure to do so could potentially trigger a market-wide correction. Let’s analyze the price movements of Bitcoin as well as other major cryptocurrencies including ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, and MATIC.
Bitcoin (BTC) price analysis
- Bitcoin is currently struggling to break and hold above the $36,000 level.
- If BTC fails to convert this level to support, a correction towards the $34,500 and $32,000 levels is possible.
- On the upside, if Bitcoin manages to sustain above $36,000, the next key resistance levels are $38,000 and $40,000.
Ethereum (ETH) price analysis
- Ethereum is currently consolidating above the $2,300 support level.
- If ETH stays above $2,300, it could attempt a move towards the $2,500 and $2,700 levels.
- However, a break below $2,300 may lead to a drop towards the $2,000 support level.
Binance Coin (BNB) price analysis
- BNB is facing resistance near the $450 and $460 levels.
- A successful close above $460 could open the doors for a move towards the $500 level.
- If BNB fails to clear the $460 resistance, it could correct lower towards the $400 support level.
XRP (XRP) price analysis
- XRP is currently trading above the $1.00 support level.
- If it breaks below $1.00, there is a risk of a drop towards the $0.900 and $0.850 support levels.
- On the upside, the $1.10 and $1.20 levels are major hurdles for buyers to overcome.
Solana (SOL) price analysis
- SOL is facing resistance near the $240 and $250 levels.
- A successful break above $250 could push the price towards the $280 level.
- On the downside, a break below $230 may lead to a drop towards the $210 support level.
Cardano (ADA) price analysis
- ADA is currently consolidating above the $1.20 support level.
- If it breaks below $1.20, there is a risk of a drop towards the $1.10 and $1.00 support levels.
- On the upside, the $1.30 and $1.40 levels are important hurdles for buyers.
Dogecoin (DOGE) price analysis
- DOGE is struggling to clear the $0.260 resistance level.
- A successful close above $0.260 may open the doors for a move towards $0.300.
- Conversely, a break below $0.220 could lead to a drop towards the $0.200 support level.
Terra (TON) price analysis
- TON is showing positive signs above the $40.00 level.
- If it breaks above $45.00, there could be a strong increase towards the $50.00 and $55.00 levels.
- On the downside, the $38.00 level is a decent support zone.
Chainlink (LINK) price analysis
- LINK is currently consolidating above the $25.00 support level.
- If it declines below $25.00, there is a risk of a drop towards the $22.00 support level.
- On the upside, the $27.50 and $28.00 levels are important barriers for buyers to overcome.
Polygon (MATIC) price analysis
- MATIC is struggling to clear the $1.40 resistance level.
- If it fails to gain pace above $1.40, there could be a downside correction towards $1.25 or even $1.20.
- On the other hand, a successful break above $1.40 may possibly lead to a rally towards the $1.50 and $1.60 levels.