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Bitcoin and Altcoins Under Heavy Selling Pressure

  • Bitcoin price moved deep into the red zone with a break below the USD 7,500 support.
  • Ethereum price has settled below the USD 550 support, which is a bearish sign.
  • Almost all small cap coins are in the red zone.
Bitcoin and Altcoins Under Heavy Selling Pressure 101
Source: iStock/bunhill

Bitcoin price is under heavy bearish pressure as there was a rejection from the USD 7,800 level. BTC/USD declined sharply and moved below the USD 7,400 and USD 7,000 support levels. Similarly, all major altcoins declined sharply and broke key support levels. The current market sentiment is very bearish, pointing more declines in the near term.

"A deeper analysis reveals that the media may be attributing too much of this plunge to the CoinRail hack," Mati Greenspan, Senior Market Analyst at eToro, a social trading platform, said in a market commentary. According to him, the big drop came more than 15 hours after the news was fully digested by the markets: "The industry has certainly seen much bigger hacks before and other than a technical price level, this doesn't change much for the path of the industry over the next five years."

"At the moment, we know that the infrastructure is still under construction, and some very big investors stand ready to enter the market. However, they will most likely wait until an upswing to join in. We got a taste of that in mid-April when FOMO hit the market like a ton of bricks but in the end wasn't strong enough to change the trend just yet," Greenspan said.

Bitcoin
Bitcoin price failed to surpass the USD 7,800 barrier on many occasions, which resulted in a downside reaction. BTC/USD declined heavily and moved below the USD 7,000 handle. It almost traded close to the USD 6,500 support level and formed a low around USD 6,600.
At the moment, the price is currently consolidating losses above the USD 6,500 support. On the upside, there are a few important resistances around the USD 6,800 and USD 7,000 levels. Supports are near USD 6,600 and USD 6,500.

Ethereum
Ethereum was rejected from the USD 620 barrier, which ignited a sharp downside move. ETH/USD tumbled and broke a few important supports such as USD 560 and USD 550. The price traded close to the USD 500 and a low was formed near USD 510.
On the upside, there are resistances near the USD 550 zone. Above this, the price will most likely face a strong resistance near the USD 580 level.

Bitcoin Cash and Ripple
Bitcoin cash price also declined heavily and broke the USD 1,040 and USD 1,000 support levels. BCH/USD traded close to the USD 950 support and is currently correcting higher. On the upside, resistances are at USD 1,000, USD 1,020 and USD 1,040.
Ripple price broke a key pivot level at USD 0.65, opening the doors for more losses. XRP/USD even settled below the USD 0.60 level and moved into a bearish zone. If there is an upside correction, the price could face hurdles near the broke USD 0.60 level.

Other Altcoins Market Today
Most small cap coins moved down and are currently in the red zone. The current market sentiment is clearly bearish, but with oversold conditions.

Therefore, there can be a bounce back in bitcoin and altcoins towards the broken support levels in the near term.

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