Bitcoin and Altcoins Face Heat Amid Renewed COVID-19 Fear
Bitcoin price tested the USD 21,800 support zone before recovering higher. Ethereum is consolidating losses above USD 600, XRP is down over 10%. BCH and RUNE declined by more than 10%.
Bitcoin price started a fresh decline from well above USD 23,500. BTC seems to be facing an increase in selling pressure after renewed COVID-19 tension in the UK sent stocks lower also. The price tested the USD 21,800 support zone and it is currently (05:00 UTC) attempting to recover towards USD 23,000.
Similarly, most major altcoins corrected lower sharply, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, litecoin, and ADA. ETH/USD broke the USD 620 support and tested the USD 600 support zone. XRP/USD dropped on major legal battle news and is now trading well below the USD 0.500 support zone.
Total market capitalization
After a proper break below the USD 23,000 support, bitcoin price accelerated its decline. BTC even broke the USD 22,450 support and spiked below the USD 22,000 level. It found support near the USD 21,800 area and recently started a fresh increase. There was a recovery wave above USD 22,500 and the price is now fluctuating between USD 22,500 and USD 23,000.
The first major resistance is near the USD 23,200 level. The main hurdle for a fresh rally is now forming near the USD 23,500 level.
Ethereum price declined sharply below the 630 and USD 620 support levels. ETH even spiked below USD 600, but dips were limited. It is now consolidating losses above USD 600 and USD 605. On the upside, the previous support near USD 620 and USD 630 could prevent a fresh increase.
On the downside, the USD 600 support region holds the key. A close below USD 600 might call for a sustained decline towards USD 570.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price trimmed all its gains from well above USD 350. BCH is down over 10% and it broke many important supports near USD 330. It is now approaching the USD 305 and USD 300 support levels. Any more losses may possibly lead the price towards the USD 280 support. On the upside, the price might face sellers near the USD 330 pivot level.
Litecoin (LTC) is gaining bearish momentum below the USD 110.00 level. An immediate support is near the USD 100.00 level. If LTC breaks the USD 100.00 support, there is a risk of a larger decline towards the USD 94.00 and USD 92.80 support levels. Conversely, the bulls could struggle to clear the USD 110.00 and USD 112.00 levels.
XRP price is gaining bearish momentum below the USD 0.520 and USD 0.500 support levels. The bears seem to have an upper hand and they could even push the price towards the USD 0.465 support. The next major support is near the USD 0.445 level. If there is a fresh recovery, the USD 0.500 pivot level may possibly prevent an upside break.
Other altcoins market today
In the past few hours, many altcoins declined over 8%, including RUNE, ICX, BSV, CRO, BTG, ETC, UNI, AMPL, XVG, BNB, XLM, OMG, CHSB, LSK, and QTUM. Out of these, ICX is now approaching the key USD 0.400 support zone.
Overall, bitcoin price seems to have started a larger downside correction from the USD 24,250 zone. If BTC settles below USD 22,500 and USD 22,200, it could continue to move down towards USD 21,200 or even USD 20,500.