Bitcoin and Altcoins Feel Downside Pressure Again
Bitcoin price failed to move above the USD 7,500 resistance and is correcting lower. The current market sentiment is slightly bearish with an increase in downside pressure. Dragonchain (DRGN) rose around 30% today and moved above the USD 0.80 level.
Yesterday, a decent upside recovery was initiated in the cryptocurrency market. Most coins staged a decent recovery, but later they failed to gain upside momentum. At the moment, prices are correcting lower and trading near crucial support levels.
Bitcoin price traded towards the USD 7,400 and USD 7,500 resistance levels where it faced strong offers. BTC/USD failed to move past the mentioned resistances and started a downside correction.
It is down 0.8% to USD 7,280 with an immediate support at USD 7,200. The next major support on the downside awaits at USD 7,000, which must holds losses. If the price fails to stay above USD 7,000, the price may move back in a bearish zone.
On the other hand, bitcoin buyers must push the price above the USD 7,400 and USD 7,500 resistance levels to accelerate gains.
Ethereum traded above the USD 400 level, but it could not break the USD 415 - USD 420 resistance zone. ETH/USD must stay above the USD 400 support to avoid a downside reaction.
Should there be a downside break below USD 400, the price could decline back towards the previous swing low at USD 560.
Bitcoin Cash and Ripple
Bitcoin cash failed to hold gains near the USD 700 and is currently down 0.85% to USD 680. BCH/USD must settle above the USD 700 to continue trading higher. On the downside, supports are near USD 660 and USD 650.
Ripple outperformed today and is currently trading 2.3% higher to USD 0.535. XRP/USD may continue to rise towards the USD 0.60 level, with supports on the downside at USD 0.52 and USD 0.50.
Other Altcoins Market Today
Today’s best performer was Dragonchain (DRGN) as it climbed up by around 30% and broke the USD 0.80 resistance. There were a few positive development in the Dragonchain community, sparking buying interest.
Additionally, there were a few other altcoins which gained momentum today such as IOStoken (+25%), Ardor (+18%), Verge (+16%), Ontology (+14%) and Lisk (+11%).
The overall market sentiment is currently neutral to bullish, and if bitcoin price fails to hold the USD 7,000 support, it could turn bearish in the near term.