Bitcoin and Altcoins Consolidate After Sharp Sell-off, Dips Supported
Bitcoin price recovered above USD 31,000 after a sharp drop to USD 28,000. Ethereum is now consolidating gains near USD 1,000, XRP is holding the key USD 0.212 support. XLM started a fresh increase and surged over 8% to surpass USD 0.155.
Yesterday, bitcoin price saw a sharp downside correction below USD 32,500 and USD 30,000. BTC corrected over 15% before it found support near USD 29,000. Recently, it started a fresh upward move and it is currently (05:00 UTC) trading well above USD 30,000.
Similarly, there was a strong pullback in many major altcoins. ETH/USD corrected over USD 250 to USD 900 before recovering above USD 1,000. XRP/USD is still trading in an important range above the USD 0.212 support zone.
Total market capitalization
After a strong decline, bitcoin price found support near USD 28,000. BTC climbed back above USD 30,000 and USD 31,000. On the upside, the first key resistance is near the USD 31,800 level. The main resistance is now forming near the USD 32,500 level, above which the price could revisit the USD 34,000 zone.
If there is a fresh decline, the price might find bids near the USD 30,200 level. Any more losses may possibly call for another test of the USD 28,000 support.
Ethereum price remained well bid near USD 900 and it climbed sharply above USD 1,000. ETH even traded above USD 1,050, but it failed to settle above USD 1,100. It is again declining and struggling to stay above the USD 980 and USD 1,000 support levels. The next major support is near the USD 940 zone.
On the upside, the USD 1,050 level is a short-term resistance. The first major hurdle for the bulls is near the USD 1,100, followed by USD 1,120.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is struggling to stay above the USD 400 support zone. If BCH breaks the USD 400 and USD 390 levels, there is a risk of a drop towards the USD 365 level. The next key buy zone could be near the USD 350 level. On the upside, an immediate resistance sits at USD 420, above which the price could rally towards USD 445.
Litecoin (LTC) is down over 4% and it is trading below the USD 155 support level. If LTC settles below USD 150 and USD 145, it could continue to move down towards the USD 132 and USD 130 support levels. Conversely, the bulls might attempt a fresh increase above the USD 160 and USD 165 levels.
XRP price is still trading in a broad range above the USD 0.212 and USD 0.208 support levels. If there is a downside break below the USD 0.208 support level, there are chances of a sharp decline. To start a strong increase, the price must clear USD 0.245 and USD 0.250 resistance levels.
Other altcoins market today
Many altcoins declined over 8%, including DOT, SC, CEL, DGB, XVG, UNI, AMPL, BSV, KSM, BTT, TRX, ALGO, and VET. Conversely, XLM outperformed with a strong upward move above the USD 0.155 resistance.
Overall, bitcoin price is struggling to gain pace above USD 31,500 and USD 32,000. If BTC breaks the USD 30,200 and USD 30,000 support levels, there are chances of another drop towards the USD 28,000 level.