16 Jul 2020 · 2 min read

Bitcoin and Altcoins Showing Signs of Increase in Selling Pressure

Bitcoin price is moving lower and trading well below USD 9,200. Ethereum broke the USD 235 support and XRP is approaching the USD 0.190 support. RLC and CHSB are up around 10% today.

Bitcoin price failed to remain stable above USD 9,200 and it is currently (08:30 UTC) down 1%. BTC is trading below USD 9,150 and it seems like the bulls are losing control. The main support is near USD 9,050 and USD 9,000, below which the price could start a new bearish wave.
Similarly, most major altcoins are moving lower, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down over 2% and it traded below the USD 235 support. XRP declined nearly 3% and it is now approaching the key USD 0.190 support.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After multiple failed attempts near USD 9,300, bitcoin price started a fresh decline. BTC is down 1% and it is trading below USD 9,150. It seems like the bears are gaining strength and there are high chances of a breakdown below the USD 9,050 and USD 9,000 support level.
If bitcoin stays above the USD 9,000 support and there is no clear breakdown, it could start recovering towards the USD 9,300 resistance zone.

Ethereum price

Ethereum price is gaining bearish momentum below USD 240. ETH is down more than 2% and it broke the USD 235 support. The next key support is near USD 230, below which the bears might take control.
On the upside, the previous support at USD 235 might act as a hurdle. The main resistance on the upside is now near the USD 240 and USD 242 levels.

Bitcoin cash, ADA and XRP price

Bitcoin cash price extended its decline below the USD 230 and USD 225 support levels. BCH is now approaching the USD 220 support. If there is a bearish close below USD 220, the price might continue lower. The next important support is near the USD 205 and USD 200 levels. To the topside, the USD 230 is a crucial resistance level.
ADA is trimming gains and it is now trading well below the USD 0.130 level. The price is testing the USD 0.125 support and it seems like it might continue to move down. The next key support is near USD 0.122, where the bulls may take a stand. Any further losses could lead the price towards the USD 0.120 level.
XRP price is down 3% and it is now trading well below the USD 0.195 level. The bears pushed the price below the USD 0.192 support and it seems like they are aiming a test of USD 0.190. A successful close below USD 0.190 will most likely push XRP into a bearish zone. The next major support is seen near the USD 0.182 level.

Other altcoins market today

In the past three sessions, a few small-capitalization altcoins climbed over 5%, including RLC, CHSB, FXC, ERD, ALGO, RSR, NEXO, AMPL, XTZ, and LEND. Conversely, DIVI, BTM, WAVES, ZIL, MATIC, LRC, DOGE, and CKB are down more than 5%.

Overall, bitcoin price is slowly gaining bearish momentum and showing negative signs below USD 9,200. If the bears fail to keep the price above USD 9,050 and USD 9,000, it could ignite a sharp decline in BTC in the coming sessions.

Find the best price to buy/sell cryptocurrency: