Bitcoin Dives As it Failed To Test USD 20,000, Altcoins Trim Gains
- Bitcoin price made another attempt to clear the USD 20,000 resistance, but failed.
- Ethereum traded to a new yearly high before correcting lower, XRP broke the USD 0.620 support.
- HEDG, NMR, and DASH are down up to 10%.
There was a steady rise in bitcoin price above the USD 19,500 resistance. BTC even traded above USD 19,800, but it failed to surpass the USD 20,000 resistance. As a result, there was a sharp bearish reaction and the price is currently (13:00 UTC) down over USD 1,200 from today’s high.
Similarly, there was a sharp decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD traded to a new yearly high at USD 635 before dropping by more than USD 50. XRP/USD is down 5% and it might continue lower below USD 0.600.
Total market capitalization
Earlier today, bitcoin price surpassed the USD 19,500 resistance. BTC even broke the USD 19,800 resistance and traded to a new yearly high. However, the bulls failed to clear the USD 20,000 resistance. There were a couple of spikes, but later the price declined sharply below USD 19,500 and USD 19,000.
The price is now trading well below USD 19,000 and approaching the USD 18,250 support. The next major support is near the USD 18,000 level, below which the price could test the USD 17,800 level.
Ethereum price gained momentum above the USD 625 and USD 630 levels. ETH traded to a new yearly high at USD 635 before it declined over USD 50. The price broke the USD 600 support and showing a few bearish signs.
The next major support is near USD 570, below which the price could even test USD 550. On the upside, the USD 595 and USD 600 levels might act as hurdles once again.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price followed a similar pattern and it started a sharp drop from well above USD 315. BCH is down 2% and it is trading below the USD 290 level. An initial support is near the USD 280 level. The main support is now waiting at USD 270. On the upside, the bulls might face resistance near USD 295 and USD 300.
Litecoin (LTC) spiked above the USD 90 level earlier today before there was a sharp bearish wave. The price broke the USD 85.00 support and tested the USD 80.00 level. If there are more downsides, the price could test the USD 76.50 support level. Conversely, the price could start a steady increase towards the USD 84.00 and USD 85.00 levels.
XRP price climbed above the USD 0.655 resistance, but there was no break above USD 0.700. There was a drop of over USD 0.50 and the price even broke the USD 0.620 support. The price is now trading near the USD 0.600 support, with a bearish angle. More losses could lead the price towards USD 0.588.
Other altcoins market today
In the past few hours, many altcoins declined over 5%, including HEDG, NMR, DASH, ADA, XLM, WAVES, DGB, MIOTA, EWT, UMA, BAND, OMG, and UNI. Conversely, SUSHI remained in a positive zone and it is still up over 10%.
To sum up, bitcoin price reacted sharply after it failed to clear the USD 20,000 resistance. BTC is now trading well below USD 19,000, but dips are still attractive to the bulls in the coming sessions.