Bitcoin and Altcoins Recovery Facing Hurdles
Bitcoin price started recovering from USD 16,250, but it is facing hurdles near USD 17,500. Ethereum is consolidating above USD 500, XRP is holding the USD 0.520 support zone. SUSHI, AAVE, YFI, and SNX are up over 10%.
Bitcoin price extended its decline below the USD 17,500 and USD 17,000 levels. BTC even traded below USD 16,500 before the bulls took a stand near USD 16,250. The price is currently (05:00 UTC) trading above USD 17,000, but it is facing many hurdles near USD 17,350 and USD 17,500.
Similarly, there was a decent recovery in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is back above USD 500, but it must surpass USD 530 to continue higher. XRP/USD is trading near USD 0.545 and facing a strong resistance near USD 0.565.
Total market capitalization
After a sharp decline, bitcoin price found support near USD 16,250. BTC started a recovery wave and climbed above USD 17,000. The price even climbed above USD 17,200, but it seems to be facing a couple of key hurdles near USD 17,350 and USD 17,500. A clear break above the USD 17,500 level is needed for upside continuation.
An initial support on the downside is near the USD 17,000 level. The first major support is near the USD 16,800 level, below which it could revisit USD 16,500.
Ethereum price also followed a similar pattern and started recovering losses from the USD 480 support. ETH is trading above USD 500 and USD 510, but there is a major resistance forming near USD 530. The next key resistance is near the USD 550 level.
If there is no upside break above the USD 530 and USD 550 levels, the price could start a fresh decline. A clear break below the USD 500 handle could push the price back towards the USD 480 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price declined heavily below USD 300 and USD 280. BCH even tested the USD 250 support before starting an upside correction. The price is now trading near USD 270, with an immediate resistance at USD 280. The next major resistance is near USD 288, above which the price could revisit USD 300.
Litecoin (LTC) spiked below the USD 70.00 support and tested the USD 65.00 support. LTC is currently recovering and trading above USD 70.00. The first key barrier for the bulls is at 75.00. A successful break above the USD 75.00 resistance may possibly lead the price towards the USD 80.00 resistance. The main support on the downside might be positioning near USD 65.00.
XRP price nosedived below USD 0.600 and it even spiked below the USD 0.500 support. The price traded towards the USD 0.455 support before recovering sharply. It is now trading above USD 0.500 and USD 0.520. An initial resistance is near the USD 0.565 level. The next key breakout zone seems to be forming near the USD 0.592 level.
Other altcoins market today
In the past few hours, a few altcoins gained over 5%, including SUSHI, AAVE, YFI, SNX, KSM, WAVES, RSR, HOT, and AMPL. Conversely, ABBC, CRO, BTG, SC, XEM, ONT, BSV, and QNT are down over 8%.
Overall, bitcoin price is recovering above USD 17,000. Having said that, BTC must surpass USD 17,500 and then USD 17,800 to continue higher. If not, it could retest the USD 16,500 support zone.