Bitcoin and Altcoins Struggled to Hold Gains
- Bitcoin price trimmed yesterday’s gains and declined below the USD 7,000 support.
- All major altcoins are down by 5-8% today and trading in the red zone.
- Verge continue to perform well and is currently trading 15% higher to USD 0.08.
There was a solid start to the week yesterday as bitcoin climbed above the USD 7,000 level. Other major cryptocurrencies such as Ethereum, bitcoin cash and ripple also gained traction. However, they all failed to hold gains and started a fresh bearish wave. It seems like a technical rejection in bitcoin and altcoins coupled with a new round of selling.
Bitcoin price declined 5.6% and is currently trading at USD 6,750. If BTC/USD continues to move down, the next support is near USD 6,600. However, the most important support is around the last low at USD 6,400.
Should the price fail to stay above USD 6,400, there are chances of a downside reaction towards USD 6,000 in the near term. On the flip side, the price has to trade above the USD 7,000 level to overcome an increase in selling pressure.
Above USD 7,000, the next resistance awaits at USD 7,200 and 7,250.
Ethereum was rejected from the USD 430 region and is currently down 7.1% to USD 395. ETH/USD is back in the red zone and if sellers remain in control, it could decline towards the all-important USD 360 support.
To start a recovery, the price must settle above the USD 400-405 area. Above the mentioned USD 405, the price may perhaps retest the USD 430 resistance.
Bitcoin Cash and Ripple
Bitcoin cash failed to stay above the USD 650 level and declined sharply. BCH/USD is down 6.3% to USD 635 and it seems like the pair may continue to move down. Immediate supports on the downside are at USD 620 and USD 600.
Ripple is back below the USD 0.50 support. XRP/USD failed on many occasions to settle above the mentioned USD 0.50, which puts it at a risk of further declines in the near term.
Other Altcoins Market Today
Many altcoins followed bitcoin today and declined, but Verge remained in the green zone. XVG is up 15% to USD 0.082 and it may continue to gain upside momentum. The company was successful in completing a fork, which increased buying sentiment during the past three days.
To sum up, it seems like bitcoin and altcoins failed to capitalize and started a fresh bearish wave. Having said that, if BTC/USD moves back above USD 7,000, there could be a decent recovery.