Bitcoin And Altcoins Nosedive As Bears Take Over Crypto Market
Yesterday, bitcoin price started a fresh decline below USD 9,550. BTC failed to stay above the USD 9,500 support and it declined more than 4%. It tested the USD 9,000 support and recently corrected above the USD 9,200 level. However, the previous support at USD 9,300 and USD 9,350 could prevent the current recovery wave.
Similarly, most major altcoins declined over 5%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke the USD 235 support and tested the USD 228 region. XRP/USD also declined sharply below the USD 0.182 support before the bulls appeared near USD 0.178.
Total market capitalization
After a downside break below the USD 9,550 support, bitcoin price accelerated its decline. BTC even broke the USD 9,300 support and tested the USD 9,000 support. It is currently (08:30 UTC) correcting higher and trading above USD 9,200. An initial resistance is near the USD 9,300 and USD 9,350 levels, above which the price could retest USD 9,550.
Conversely, the price might resume its decline from the USD 9,300 resistance level. Immediate support is near the USD 9,150 level, but the main support is now near USD 9,000.
Ethereum price followed bitcoin and declined more than 5%. ETH broke the crucial USD 235 support to move into a bearish zone. It tested the USD 228 level and recently recovered above USD 232. However, the previous support at USD 235 will most likely act as a hurdle.
On the downside, the USD 228 and USD 225 levels are important buy zones. If there is a bearish break below USD 225, the price may perhaps dive towards USD 205.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 240 support level and declined sharply below USD 235 and USD 230. BCH tagged the USD 226 level and currently recovering above USD 230. On the upside, the USD 235 level is an initial hurdle, followed by the USD 240 level.
Litecoin traded heavily below the USD 43.20 support level. It even spiked below the USD 42.00 support and currently consolidating losses near USD 42.20. If it corrects higher, the USD 43.20 level might act as a resistance. On the downside, a close below USD 42.00 might lead the price towards USD 40.00.
XRP price remained well below USD 0.190 and declined sharply below the USD 0.182 support. It even spiked below USD 0.180 before the bulls appeared near the USD 0.178 level. The price is recovering and trading above USD 0.182, but the USD 0.185 level could prevent more upsides in the near term.
Other altcoins market today
In the past three sessions, many small altcoins declined over 8%, including SEELE, BCD, STX, DGB, SC, ZEN, HEDG, LRC, ALGO, SNT, ONT, XVG, IOST, REP, CHZ, CRO and ENJ. Out of these, SEELE and BCD declined more than 10%.
Overall, bitcoin trimmed most of its gains and settled below the USD 9,300 support. To move back into a positive zone, BTC must climb above USD 9,300 and then USD 9,550. If not, it remains at a risk of more losses below USD 9,000.
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