Bitcoin Reclaims USD 18K, Altcoins Correct Lower
Bitcoin price dipped sharply to USD 17,500 before reclaiming USD 18,000. Ethereum failed to surpass USD 500 and corrected lower, XRP corrected below USD 0.295. SUSHI and CRV are down over 12%, while YFI and ETC rallied.
Bitcoin price rallied towards the USD 18,500 level, where sellers took a strong stand. As a result, there was a sharp bearish reaction and BTC declined below USD 18,000. The price even broke the USD 17,650 support, but the bulls protected BTC from more losses, and currently (13:00 UTC) it is trading above USD 18,000 again.
Most major altcoins also declined heavily and are struggling to recover, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD failed to test the USD 500 barrier and declined sharply below USD 485. Similarly, XRP/USD traded below the USD 0.300 and USD 0.295 support levels.
Total market capitalization
Earlier today, there was a sharp increase in bitcoin price above the USD 17,800 and USD 18,000 resistance levels. BTC even traded close to the USD 18,500 level before it started a downside correction. The price broke the USD 18,000 and USD 17,800 levels. However, the bulls were able to defend the USD 17,200 and USD 17,300 support level.
The price recovered and climbed back above USD 18,000. On the upside, the price is facing hurdles near USD 18,200. A clear close above USD 18,200 might increase the chances of a break above USD 18,500.
Ethereum price faced a strong resistance near the USD 495 level and it started a sharp decline. ETH broke the USD 485 and USD 480 support levels. It tested the USD 460 support level and recovered above USD 470.
On the upside, the USD 480 and USD 482 levels are initial hurdles. The next major resistance is near the USD 485 level, above which the price might retest USD 495.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down 3% and it failed to gain pace above USD 255. BCH is now trading below the USD 250 support and it seems like the price might extend its decline towards the USD 242 level. To start a fresh increase, the price must break USD 250 and then gain pace above the USD 255 level.
Litecoin (LTC) nosedived from the USD 78.00 level. LTC broke the USD 75.00 support and it even spiked below USD 70.00. The price is currently consolidating above USD 70.00 and it might attempt a fresh increase above the USD 75.00 level. If it fails, there could be a sharp bearish reaction.
XRP price reacted the downside after there was a clear break below the USD 0.300 support. The price even broke the USD 0.295 support and it is now stuck near USD 0.292. On the upside, the bulls might face hurdles near the USD 0.298 and USD 0.300 levels in the near term. On the downside, the USD 0.290 level is major support.
Other altcoins market today
In the past few hours, a few altcoins gained over 10%, including BCD, BTG, RSR, YFI, ETC, SNT, NEXO, and CEL. Conversely, SUSHI and CRV are down more than 12%.
To sum up, bitcoin saw a few swing moves and it is now back above USD 18,000. There is still a risk of another decline unless BTC climbs steadily above the USD 18,200 resistance level.