Bitcoin Drops to USD 10K, Altcoins Struggle to Gain Bullish Momentum
Bitcoin price is declining and it recently broke the key USD 10,250 support area. Ethereum broke the USD 180 support and ripple is still trading below USD 0.262. NEX is down more than 20% and NRG declined nearly 13% today.
In the past few sessions, there was an increase in selling pressure on bitcoin below USD 10,400 and USD 10,300. BTC/USD even broke the key USD 10,250 support area to enter a negative zone. It dragged most major altcoins, including ethereum, ripple, BCH, litecoin, TRX and EOS. ETH/USD broke the key USD 180 support area to start a downside correction. XRP/USD failed to stay above the USD 0.260 level and it recently declined below the USD 0.258 support area. Overall, bitcoin’s weakness dragged altcoins in a bearish zone. If BTC continues to decline, it might continue to impact altcoins as well and stop their recovery.
Total market capitalization
After there was a close below USD 10,400, bitcoin price gained bearish momentum. BTC/USD broke the USD 10,250 support level to continue lower. The bears gained control and pushed the price towards the USD 10,000 level. The price is currently (08:00 UTC) consolidating losses and it might extend its decline below USD 10,000.
If there is a downside break below USD 10,000, there could be a sharp decline below USD 9,800 level as well. On the upside, there are many hurdles are near the USD 10,250 and USD 10,300 levels.
Ethereum price is slowly moving into a bearish zone. ETH/USD broke the key USD 180 support level to enter a bearish zone. The next key support is near the USD 175 level, below which there could be heavy losses towards USD 165.
On the upside, the recent support near the USD 180 level might act as a resistance. If there is an upside break above USD 180, the price could rise towards USD 185 and USD 186.
Bitcoin cash, eos and ripple price
Bitcoin cash price is struggling to gain momentum above the USD 305 level. BCH/USD is consolidating near the USD 300 level, with an immediate support near the USD 295 level. If there are more losses, the next key support is near the USD 285 level. On the upside, a break above USD 305 could accelerate gains.
EOS is currently correcting lower below the USD 3.800 support level. The price is facing hurdles and it could revisit the USD 3.650 support area. The next major support is near the USD 3.600 level. On the upside, the USD 3.800 and USD 3.850 levels are the main hurdles.
Ripple price is struggling to climb above the USD 0.262 and USD 0.265 resistance levels. XRP/USD is now well below the USD 0.258 level and it could decline further below the USD 0.255 level. The next major support is near the USD 0.252 level.
Other altcoins market today
In the past three sessions, many small cap altcoins declined and weakened more than 5%, including NEX, NRG, ATOM, ARDR, MONA, ALGO, XZC, RDD, KMD and DCR. Out of these, NEX declined more than 20% and ATOM is down around 13%.
To sum up, bitcoin price is gaining bearish momentum below USD 10,250 and it could accelerate losses. If it extends losses below USD 10,000, there could be sharp losses in the coming sessions. It could also drag altcoins lower in the near term.