Bitcoin and Altcoins Struggle To Surpass Key Hurdles
Bitcoin price is struggling to gain momentum above USD 7,400 and USD 7,550. Ethereum is still below the USD 152 resistance and XRP is down to USD 0.222. MATIC dived more than 50% after a massive rally, and RVN is down 20% today.
After a successful break above the USD 7,550 resistance, bitcoin price struggled to surpass the USD 7,650 resistance area. As a result, BTC/USD failed to stay above USD 7,550 and even declined below USD 7,400. The price is now (09:00 UTC) consolidating below USD 7,400 and it could retest the USD 7,250 support.
Similarly, there were bearish moves in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is still struggling to gain bullish pace above the USD 150 and USD 152 resistance levels. Besides, XRP/USD failed to stay above USD 0.230 and declined below USD 0.225.
Total market capitalization
After an upward move, bitcoin price failed to stay above the USD 7,550 level. BTC/USD is down around 2% and it broke the USD 7,400 support level. The price even declined below USD 7,350 and tested the USD 7,250 support.
Bitcoin is currently correcting higher, but it is facing a strong resistance near the USD 7,400 and USD 7,425 levels. The main resistance is still near the USD 7,550 level. On the downside, the USD 7,250 level is an initial support, below which the price could continue to decline towards the USD 7,080 level.
Ethereum price failed on many occasions to clear the USD 150 and USD 152 resistance levels. ETH/USD is now trading well below USD 150 and it seems like it could continue to move down towards the USD 142 and USD 140 support levels.
Conversely, the bulls need to gain strength above the USD 152 resistance to start a strong rise in the coming sessions.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than 2% and it is now trading below the USD 215 level. An initial support is near USD 205, followed by USD 200. On the upside, the price is likely to struggle near USD 215 and USD 220. The key hurdle is still near the USD 225 level.
Litecoin struggled to surpass the USD 46.00 level and declined back below the USD 45.00 support. LTC/USD is currently declining and trading below the USD 44.50 level. If it continues to move down, the bears are likely to target the USD 42.20 and USD 41.00 levels in the near term.
XRP price topped near the USD 0.231 level and failed to settle above the USD 0.230 level. XRP/USD is currently declining and it is trading near the USD 0.222 support. If there are more losses, the bears could even push the price below the USD 0.220 support area.
Other altcoins market today
In the past three sessions, many small capitalization altcoins declined more than 10%, including MATIC, RVN, ENJ, XVG, MIN, FET, KNC, NRG, EKT, RLC, BCN and VET. Out of these, MATIC is down more than 50% and RVN declined nearly 20%.
Overall, bitcoin is declining below the USD 7,400 support level. It seems like BTC/USD may perhaps continue to move down below the USD 7,300 level and it might even struggle to stay above the USD 7,250 support area in the near term.