Bitcoin, Ethereum and Altcoins Trend Overwhelmingly Negative
The past few sessions saw an aggressive selling in bitcoin after the price broke the USD 5,500 support. BTC/USD is down more than USD 1,000 and it is currently (UTC 08:30 AM) trading below the USD 4,500 level. Similarly, ethereum declined below the USD 150 support and it seems like it may continue its slide towards USD 125 or USD 120. Ripple price was stable earlier during the day, but later buyers gave up and sellers took control below the USD 0.460 support. Overall, the crypto market is witnessing one of the worst declines this year, which could extend if sellers remain in charge in the near term.
Total market capitalization
Sellers remained in control during the past three sessions and pushed bitcoin price below the USD 5,000, USD 4,800 and USD 4,500 support levels. BTC/USD is currently down 16%, with an immediate support at USD 4,400. If there are further declines, the price will most likely drop towards the USD 4,150 or USD 4,000 support level.
On the other hand, if there is an upside correction, the broken supports such as USD 4,600 and USD 4,800 are likely to protect gains. The main resistance for a larger recovery is now at USD 5,000, which is a major barrier.
Ethereum price extended losses below the USD 165 support and declined more than 15%. ETH/USD broke the USD 150 and USD 145 support levels and it is currently trading below USD 140.
The next major support is at USD 125, below which the price may even trade towards the USD 120 level. On the upside, the previous supports at USD 165 and USD 175 are likely to act as solid hurdles.
Bitcoin cash and ripple price
Bitcoin cash ABC dropped around 20% and broke the USD 240 and USD 220 support levels. BCHABC is now approaching the USD 200 support where buyers could emerge. More importantly, BCHSV is down around 40% and it seems like the price could accelerate losses towards the USD 50 level.
Ripple price was holding the ground earlier when bitcoin broke the USD 5,000 support. However, XRP/USD failed to stay in the positive zone and started a downward move below the USD 0.460 and USD 0.450 supports.
Other altcoins market today
Many small cap altcoins tumbled today more than 25%, including ETP, AE, BTG, FCT, NEXO, STRAT, ELF, MANA, BCD, MITH, ARDR, ONT, PIVX, ZIL, LINK, DGD, NPXS, ICX and SC.
To sum up, bitcoin is clearly under a lot of selling pressure below USD 5,000. There are high chances that BTC/USD could test the next key support at USD 4,000 where buyers might emerge. To start a decent recovery, the price must bounce back sharply above the USD 4,800 and USD 5,000 levels in the coming sessions. Similarly, ethereum could test the USD 120 support if the current trend extends in the short term.