Bitcoin and Altcoins Recovery Unwinds As Bears Return To Action
Bitcoin price is down close to 7% and it is back below USD 6,000. Ethereum broke the USD 130 support and XRP is testing the USD 0.150 support. Many altcoins are down more than 10%, including HBAR, WAXP, STX, DCR, LINK, and DASH.
This week started with a fresh decrease in bitcoin after it failed to retain strength above USD 6,400 and USD 6,500. BTC/USD is currently (08:30 UTC) down close to 7% and it is now trading well below USD 6,000. It seems like the price is likely to continue lower towards the USD 5,650 and USD 5,550 levels.
Similarly, all major altcoins are declining and trading with a bearish angle, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD broke the USD 130 support and it is trading below USD 125. XRP is also down more than 5% and the price is likely to extend its decline below USD 0.150.
Total market capitalization
After a failed attempt above USD 6,400, bitcoin price started a fresh decline. BTC/USD broke a few key supports near USD 6,250 and USD 6,050 to move into a bearish zone. The price even settled below USD 6,000 and it is approaching the USD 5,650 support area. Any further losses might lead the price towards USD 5,550.
On the upside, the recent support near USD 6,000 may perhaps act as a key resistance. To start a fresh upward move, the bulls need to push the price above the USD 6,000 and USD 6,050 resistance levels.
Ethereum price is also declining and it is now trading below the USD 130 support. If ETH/USD continues to move down, it could even trade below the USD 120 and USD 118 support levels. The next major support is near the USD 112 level.
On the upside, the previous support near the USD 130 level is now likely to prevent a fresh increase. If there is a clear break above USD 130, the price could accelerate higher above USD 135.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is declining heavily below the USD 240 and USD 220 support levels. BCH/USD is down around 10% and it is approaching the USD 200 support area. A bearish break below the USD 200 zone could spark more losses. The next major support is now seen near the USD 185 level.
Litecoin failed to stay above the USD 40.00 and USD 38.50 support levels. LTC/USD is now approaching the USD 35.00 support level, below which the bears are likely to aim a test of the USD 32.00 level in the near term. On the upside, the USD 38.50 and USD 40.00 levels are now key hurdles.
XRP price is gaining bearish momentum below the USD 0.155 and USD 0.152 support levels. If there is a proper close below USD 0.150, the next stop may perhaps be near USD 0.145. The next major support is seen near the USD 0.140 level. On the upside, there are hurdles forming near USD 0.158 and USD 0.160.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined and weakened more than 10%, including HBAR, WAXP, STX, DGB, DCR, BTG, LINK, DASH, ZEC, THETA, SC, REP, and IOST.
Overall, bitcoin price is trading in a bearish zone below the USD 6,000 support. If BTC/USD continues to move down, the next stop for the bulls may perhaps be USD 5,550. Conversely, it must recover above USD 6,050 to start a fresh increase.