Bitcoin Drops Below USD 5,000, Altcoins Start Fresh Decrease
- Bitcoin price is down close to 8% and it is back below USD 5,000.
- Ethereum broke the USD 112 support and XRP is also down around 8%.
- Many altcoins are gaining bearish momentum and down more than 15% today.
This week started with a fresh increase in selling pressure on bitcoin below the USD 5,500 resistance area. BTC/USD broke a couple of key supports near the USD 5,200 and USD 5,000 levels to enter a bearish zone. It seems like there are chances of more losses below USD 4,800 and USD 4,750.
Similarly, all major altcoins are declining and gaining bearish momentum (08:30 UTC), including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down more than 10% and it broke the USD 112 support area. XRP is now trading below USD 0.140 and it could continue to decline below USD 0.135.
Total market capitalization
In the past two sessions, bitcoin price faced a fresh round of selling below the USD 5,200 and USD 5,000 support levels. BTC/USD is down close to 8% and it might continue to slide towards the USD 4,720 support level. The next major support is near the USD 4,500 level, where the bulls are likely to emerge.
On the upside, the recent support near USD 5,000 may perhaps act as a hurdle for the bulls. A successful close above the USD 5,000 and USD 5,200 resistance levels is needed for a decent increase.
Ethereum price is gaining bearish momentum and it broke the USD 120 and USD 112 support levels. An initial support is now near USD 105, below which ETH/USD could even struggle to stay above the USD 100 support area.
On the upside, the recent breakdown supports near USD 112 and USD 115 are likely to act as resistances. The main resistance is now near the USD 120 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price struggled to clear the USD 185 and USD 190 resistance levels. As a result, there was a fresh decline and the price broke the USD 170 support. BCH/USD is now approaching the USD 160 support, below which it could accelerate lower towards the USD 150 level.
Litecoin failed to overcome the USD 40.00 resistance area and it is now declining heavily. LTC/USD broke the USD 38.00 and USD 35.00 support levels. The next major support is near the USD 30.00 level, where the bulls are likely to take a stand. On the upside, the main hurdles on the upside are near USD 38.00 level.
XRP price is down around 8% and it broke the USD 0.142 and USD 0.140 support levels. The price is likely to continue lower towards the USD 0.137 and USD 0.135 support levels. Any further losses may perhaps lead the price towards the USD 0.132 support area. Conversely, the price must overcome the USD 0.145 hurdle for a fresh increase.
Other altcoins market today
Today, almost all small-capitalization altcoins are trading in the red zone and some of them are down more than 15%, including REN, MIOTA, HBAR, WAXP, BCN, KMD, THETA, KNC, LINK, XTZ, SNX, and GNT.
Overall, bitcoin price is gaining bearish momentum below USD 5,000 and it could slide further below USD 4,800 and USD 4,750. To restart a recovery, the price must move back above the USD 5,200 barrier.