Bitcoin Stays Above USD 13,000, Altcoins Take Hit
- Bitcoin price is down 5%, but it managed to stay above the USD 13,000 support.
- Ethereum is holding the USD 385 support, XRP could extend losses.
- Bitcoin cash remained stable above USD 265.
After trading towards the USD 13,850 level, bitcoin price struggled to continue higher. BTC started a corrective decrease and traded below the key USD 13,500 support. The price declined 5%, but it is currently (05:00 UTC) trading well above the USD 13,000 support.
Conversely, there was a strong decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD settled well below the USD 400 support, but it is holding the USD 385 support level. XRP/USD is testing the USD 0.245 support and remains at a risk of more downsides in the short-term.
Total market capitalization
There was a sharp downside correction in bitcoin price from the USD 13,850 zone. BTC broke the USD 13,650 and USD 13,500 support levels to move into a short-term negative zone. The price even spiked below the USD 13,000 support, but it quickly recovered. It is now trading above the USD 13,150 level, with an initial hurdle at USD 13,300.
The main resistance for a fresh increase is now forming near the USD 13,500 level. On the downside, an initial support is near the USD 13,150 level, below which the bulls might protect USD 13,000.
Ethereum price failed to gain strength and declined below the USD 400 and USD 398 support levels. ETH is currently consolidating above the USD 385 support, below which there is a risk of a sharp decline. The next major support is near the USD 370 level.
If there is a fresh increase, the bulls might face a heavy resistance near the USD 398 and USD 400 levels. The next major resistance is forming near USD 410.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price outperformed bitcoin and ether, with a strong move above the USD 275 level. BCH corrected a few points, but it is still holding the USD 265 support level. To start a fresh increase, the price needs to gain pace above the USD 270 level. On the downside, the USD 265 and USD 260 levels are decent supports.
Chainlink (LINK) retested the USD 11.20 support level, where it found a strong buying interest. The price is currently rising and it is trading above the USD 11.50 level. However, the main hurdle is still near the USD 11.80 and USD 12.00 level. A close above USD 12.00 might clear the path for a push towards the USD 12.50 level.
XRP price settled below the USD 0.250 pivot level and it is currently consolidating near the USD 0.245 support. If there are more losses, the bears might test the USD 0.242 and USD 0.240 support levels. Conversely, the price might face resistance near USD 0.248 and USD 0.250 if there is an upside correction.
Other altcoins market today
In the past few hours, many altcoins declined over 5%, including CRO, OCEAN, MKR, EWT, DOT, NEAR, EGLD, LRC, CELO, ANT, AAVE, MANA, REN, RSR, BAT, and QNT. Out of these, CRO is down over 10% and OCEAN declined below the USD 0.512 support.
Overall, bitcoin price is correcting gains and trading well below the USD 13,500 pivot level. In the short-term, there could be more downsides, but the bulls might see the current decline as a buying opportunity.