Bitcoin and Altcoins Take Strong Hit, But Buyers Still Here
Bitcoin price is down over USD 10,000 from its all-time high. Ethereum tumbled over 15% and tested USD 1,050, XRP is holding the USD 0.255 support. CELO outperformed with a strong rise above the USD 3.30 level.
Bitcoin price remained in a bearish zone after it settled below USD 35,000. BTC declined below many major supports near USD 32,000 to move into a bearish zone. It even spiked below USD 29,000 and it is currently (05:00 UTC) getting closer to USD 32,000.
Similarly, most major altcoins declined heavily and are now moving higher again. ETH/USD declined below USD 1,150 and it even tested USD 1,050. XRP/USD dropped 15% and it even spiked below USD 0.255 before correcting higher.
Total market capitalization
Bitcoin price
After a close below USD 34,000, bitcoin price struggled to correct higher. BTC extended its decline below the USD 32,000 support level and it even spiked below the main USD 30,000 pivot level. The bulls appeared near USD 28,800 and the price recently started an upside correction.
It is trading above the USD 30,000 level, with an initial resistance at USD 31,800. The first major resistance is forming near USD 32,200, but the main hurdle could be near USD 33,000.
“[The USD 30,000] level looks very vulnerable and a break below it is bad news in the near-term for bitcoin and cryptos in general,” Craig Erlam, senior market analyst at Oanda Europe, wrote in a note Thursday, according to Bloomberg. “I wouldn’t be surprised to see a test of USD 20,000 before too long.” However, Jehan Chu, managing partner with blockchain advisory firm Kenetic Capital in Hong Kong, added that a “natural correction” is underway and that profit taking won’t “reverse the unprecedented assimilation of bitcoin into Wall Street’s DNA, leading to USD 100,000 levels this year.”
Ethereum price
Ethereum price declined almost 18% and it broke the USD 1,250 and USD 1,150 support levels. ETH tested the USD 1,050 level and it is now recovering losses. The price is back above USD 1,120, but it is facing barriers near USD 1,180 and USD 1,200.
The main resistance is now forming near the USD 1,250 level (the last breakdown zone). On the downside, the USD 1,100 and USD 1,050 levels are important supports.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down 12% and it extended its decline below USD 425. BCH even spiked below USD 400, but the bulls took a stand. The price is currently recovering above USD 410 and is showing positive signs. On the upside, the first major resistance is near USD 435, but the main resistance for bullish formation could be USD 450.
Litecoin (LTC) dropped below the USD 132 and USD 130 support levels. LTC tested the USD 122 support and it is back above USD 130. An initial resistance on the upside is near the USD 138 and USD 140 levels. To move into a positive zone, the price must settle above USD 142. On the downside, the USD 130 level may possibly be a decent support zone.
XRP price also followed bitcoin and ethereum, with a drop below the USD 0.280 support. The price even spiked below the USD 0.265 and USD 0.255 support levels. The price is currently recovering higher and trading near USD 0.265. On the upside, the price could face resistance near USD 0.280. The main breakout resistance is still near the USD 0.300 level.
Other altcoins market today
Many altcoins declined over 10%, including ENJ, IOST, DASH, HBAR, REN, EWT, BTG, SOL, DCR, GRT, VGX, ADA, BCH, OCEAN, XMR, CRO, and WAVES. Conversely, CELO, MANA, CRV, and BAT are up over 8%.
Overall, bitcoin price is showing a few bearish signs below USD 32,000 and USD 33,000. There could be a short-term downside correction, but the bulls might struggle near USD 32,500 and USD 33,000.
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