03 Nov 2020 · 2 min read

Bitcoin and Altcoins Face Increased Selling Pressure

Bitcoin price extended its decline below USD 13,500 and USD 13,350. Ethereum retested the USD 372 support zone, XRP spiked below USD 0.230 before recovering. RSR, SUSHI, OCEAN, and AAVE are down over 10%.

In the past three sessions, bitcoin price saw an increase in selling pressure below USD 13,650. BTC broke the USD 13,500 support and even extended its decline below the USD 13,350 support. The price is currently (05:00 UTC) holding the USD 13,200 support, but it might struggle to climb back above USD 13,650 in the short-term.

Moreover, there was a sharp decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is down over 5% and it retested the USD 372 support zone. XRP/USD declined below USD 0.232 before the bulls appeared near USD 0.228.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

The bears were able to defend gains in bitcoin price above the USD 13,750 and USD 13,800 levels. As a result, there was a bearish reaction and BTC declined sharply below USD 13,500. The price even broke the USD 13,350 support, but it remained well bid above USD 13,200.
It is currently consolidating losses, with an immediate resistance at USD 13,500. The key hurdle is now forming near the USD 13,650 level, above which the price may even clear USD 13,800.

Ethereum price

Ethereum price gained bearish momentum and declined sharply below USD 385 and USD 380. ETH retested the USD 372 support level and it is currently attempting a recovery. On the upside, the price might face sellers near the USD 380 and USD 382 levels.
On the downside, the USD 372 level is an important support. If there is a clear break below USD 372, the price might accelerate its decline towards the USD 355 support level in the coming sessions.

Bitcoin cash price dived 10% and it broke the main USD 250 support level. BCH even traded below the USD 240 support level. It seems like the bears are back in action and they could even aim for a test of the USD 230 support level. If there is a fresh increase, the previous support near USD 250 might act as a resistance.
Chainlink (LINK) settled below the USD 11.00 and USD 10.80 support levels. As a result, there were more losses below the USD 10.50 support. The price even broke the USD 10.20 support and retested the USD 10.00 zone. It is now consolidating losses, with many hurdles near USD 10.50 and USD 10.60.
XRP price was rejected near the USD 0.245 level. There was a sharp bearish reaction below the USD 0.240 and USD 0.235 support levels. The price even spiked below USD 0.230 before the bulls appeared near USD 0.228. A short-term correction is underway, but the price might face hurdles near USD 0.232 and USD 0.235.

Other altcoins market today

In the past few hours, many altcoins declined over 10%, including RSR, SUSHI, OCEAN, AAVE, COMP, SNX, ALGO, HT, EWT, BAND, NXM, YFI, UNI, STX, LRC, REN, and LINK.

Overall, bitcoin price is showing a few bearish signs below USD 13,500 and USD 13,650. If BTC fails to stay above the USD 13,200 support, there is even a risk of a break below the USD 13,000 support.

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