Bitcoin and Altcoins Restart Downtrend, Bulls Under Pressure
- Bitcoin price is currently declining and trading below the USD 7,350 pivot area.
- Ethereum is back below USD 150 and XRP declined below the USD 0.220 support.
- VeChain (VET) rallied more than 20% and NRG is up more than 15% today.
This past week, bitcoin price recovered above the USD 7,350 and USD 7,550 resistance levels. BTC/USD tested the USD 7,850 resistance area, where the bulls struggled. As a result, the price started a fresh decline and traded below the USD 7,350 pivot area (09: 00 UTC).
Similarly, many major altcoins are down in the past few sessions, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD is now trading below the USD 150 level, with a bearish angle. Besides, XRP/USD is trading below the USD 0.220 area and it is likely to decline further in the near term.
Total market capitalization
After bitcoin price failed to stay above the USD 7,550 support area, it broke a major support near the USD 7,350 pivot level. BTC/USD is now trading near the USD 7,200 support area and it seems like it could soon test the USD 7,050 support area. If there are more downsides, the price might even revisit the USD 6,550 support area.
On the upside, an initial resistance area is near the USD 7,350 level. The main weekly resistance is near USD 7,550, above which the price could climb towards the USD 7,850 and USD 8,000 levels in the near term.
Ethereum price is currently declining and it recently traded below the USD 150 support. ETH/USD is testing the USD 148 support and it could continue to move down. The first key support is near the USD 142 level, below which the bears may target the USD 135 weekly support.
On the upside, an initial resistance is near the USD 152 level. However, the main weekly hurdles are near USD 155 and USD 158, above which the price is likely to accelerate towards the USD 165 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 215 level and it is now trading near the USD 210 level. BCH/USD seems to be struggling and it is likely to trade below the USD 205 and USD 200 support levels. On the upside, the key resistance is near the USD 225 level.
Litecoin failed to climb above the USD 49.20 and USD 50.00 resistance levels. LTC/USD is now trading near the USD 45.50 level and it might slide towards the USD 44.50 and USD 43.20 levels. On the upside, there are many hurdles near USD 48.80 and USD 49.20.
XRP price struggled to stay above the USD 0.225 support level and it even broke the USD 0.220 support. XRP/USD is currently declining and it seems like it could soon test the USD 0.218 and USD 0.215 support levels. The main weekly support is near the USD 0.212 level.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins gained more than 5%, including VET, NRG, MOF, FET, CHZ, SEELE, NEXO, THETA, ALGO and IOST. Out of these, VET is up around 22% and NRG rallied nearly 17%.
Overall, bitcoin price is under pressure and it is trading below a couple of important supports such as USD 7,350. Therefore, there are chances of more losses below the USD 7,100 and USD 7,000 levels in the coming sessions.