Bitcoin Drops Below USD 7,000, Altcoins Follow
Bitcoin price started a decline and is trading below USD 7,000. Ethereum is down more than 8% and XRP broke the USD 0.192 support. SNX, BSV, SEELE, and ALGO are down close to 12% today.
After multiple failures to clear the USD 7,400 resistance area, bitcoin price reacted to the downside. BTC/USD broke the USD 7,250 and USD 7,120 support levels to move into a short term bearish zone. BTC is down more than 5% (08:30 UTC) and it could continue to move down.
Similarly, most major altcoins are gaining bearish momentum and declined between 5%-8%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD declined below the USD 162 support and trading below USD 160. Besides, XRP/USD is struggling to stay above the key USD 0.188 support area.
Total market capitalization
In the past few hours, bitcoin price saw an increase in selling pressure after it failed to overcome key resistance levels near USD 7,400. BTC/USD declined more than 5% and broke the USD 7,250 and USD 7,120 support levels. It is now trading below USD 7,000, with an immediate support at USD 6,880. Any further losses could lead the price towards the USD 6,550 level.
On the upside, the previous supports near USD 7,050 and USD 7,120 are now likely to act as major resistances if the price starts an upside correction.
Ethereum price failed to overcome the key USD 175 hurdle and dropped. ETH/USD is down close to 10% and it broke the USD 162 support level. If the price continues to move down, it could revisit the USD 150 support in the coming sessions.
Conversely, the bulls are likely to struggle near USD 162 if there is an upside correction. The first key resistance is near USD 165, above which the price might retest the USD 170 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price topped near the USD 280 resistance and started a sharp decline. BCH/USD declined more than 10% and it broke the USD 250 and USD 240 support levels. The next key support is near USD 224, below which the bears are likely to aim a test of the USD 205 support area.
Litecoin failed to gather momentum towards USD 48.00 and started a fresh decrease. LTC/USD declined below the USD 45.00 support to move into a bearish zone. It is now trading below USD 42.50 and it seems like the price is likely to test the USD 40.50 support level. On the upside, the previous support near USD 45.00 could stop upsides.
XRP price is down close to 5% and it broke the USD 192 support. The price is trading near USD 0.190 and it is struggling to stay above the USD 0.188 support level. If there is a downside break below USD 0.188, the price may perhaps extend its decline towards USD 0.175.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined more than 10%, including SNX, BSV, SEELE, ALGO, CKB, ONT, BTG, KMD, STX, STEEM, ELF, BCN, and AE. Conversely, WAVES outperformed and gained more than 5%.
Overall, bitcoin price broke a key support zone near USD 7,120 to move into a short term bearish zone. If BTC/USD fails to stay above USD 6,800 or USD 6,550, there is a risk of a larger breakdown towards the USD 5,500 support in the coming days.