15 Dec 2020 · 2 min read

Bitcoin and Altcoins Struggle To Surpass Key Hurdles

Bitcoin price made another attempt to gain momentum above USD 19,500, but failed. Ethereum retested the USD 595 resistance, XRP is down 4%, and trading below USD 0.500. Litecoin is consolidating above the USD 80.00 support zone.

After a downside correction, bitcoin price started a fresh increase above USD 19,200 and climbed above the USD 19,400 resistance. However, there was a lack of momentum above the key USD 19,500 resistance, and the price is currently (05:00 UTC) correcting lower.
Similarly, most major altcoins are struggling to clear key hurdles, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD made another attempt to surpass the USD 595 resistance, but failed. XRP/USD is showing bearish signs and it is trading below USD 0.500.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After retesting the USD 19,000 zone, bitcoin price started a fresh increase. BTC surpassed the USD 19,200 and USD 19,400 levels. It even spiked above the USD 19,500 resistance level, but it failed to continue higher. There was a fresh downward move and the price traded below USD 19,300.
An initial support is near the USD 19,100 level. The first key support is near the USD 19,000 level, below which there could be an extended decline towards USD 18,800.

Ethereum price

Ethereum price also followed a similar path and made another attempt to clear the USD 595 and USD 600 resistance levels. ETH traded as high as USD 596 and recently corrected below USD 590. It is approaching the USD 580 support level.
The next key support is near the USD 572 level, below which the price could test USD 565. On the upside, the price is facing a strong hurdle near the USD 595 and USD 600 levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is still holding gains above the USD 270 level, which is a positive zone. BCH must surpass the USD 278 level and then gain pace above the USD 280 resistance to continue higher. Conversely, a downside break below the USD 270 support level might call for a move towards the USD 260 support.
Litecoin (LTC) recovered and settled above the USD 80.00 level. LTC is currently facing resistance near the USD 81.20 level, above which it could climb higher towards the USD 84.00 and USD 85.00 resistance levels. If there is a downside break below USD 80.00, the price could revisit the USD 76.50 support level.
XRP price is struggling to gain pace above the USD 0.500 and USD 0.505 levels. It declined nearly 4% and it is trading below the USD 0.500 support. An initial support is near the USD 0.485 level. Any more losses could lead the price towards the USD 0.462 support zone. On the upside, a close above USD 0.500 is a must to start a decent recovery wave.

Other altcoins market today

In the past few hours, a few altcoins are showing bearish signs, including XLM, XVG, SNT, XEM, NANO, XTZ, DOGE, KNC, and FIL. Out of these, XLM is trimming gains and trading below the USD 0.170 level.

Overall, bitcoin price failed once again to clear the USD 19,500 resistance zone. BTC is declining and it could soon retest USD 19,000. Any more losses may possibly call for a test of USD 18,800 or even USD 18,500.
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