Bitcoin Struggles While Many Altcoins Continue To Surge
- Bitcoin price is facing an uphill task near USD 36,500 and USD 37,200.
- Ethereum is trading above the USD 1,150 support, XRP is approaching the USD 0.265 support.
- ZEN, OMG, WAVES, and KSM are up over 20%.
Bitcoin price struggled to settle above the USD 38,000 resistance and started a fresh decline. BTC broke the USD 37,200 support and it is currently (05:00 UTC) trading well below USD 36,500. If there is a clear close below USD 34,200, the price might decline 5%-8% in the near term.
On the other hand, there were steady moves in most major altcoins. ETH/USD is holding the main USD 1,150 support level, but also facing hurdles near USD 1,250. XRP/USD is again sliding towards the USD 0.265 and USD 0.255 support levels.
Total market capitalization
After another failure near USD 38,000, bitcoin price started a fresh decline. BTC settled below the USD 37,200 and USD 36,500 support levels. It even broke the USD 35,500 support level and the bulls seem to be struggling to protect the USD 35,000 support level.
The main breakdown support is now forming near the USD 34,200 level. A clear close below USD 34,200 and USD 34,000 may possibly lead the price further lower in the coming sessions. Conversely, a break above USD 36,500 and USD 37,200 is a must this week for a fresh rally.
Ethereum price is holding gains above the USD 1,150 and USD 1,165 support levels. ETH is stuck in a range above USD 1,150 and below USD 1,250. If the bulls gain strength for a push above USD 1,250 and USD 1,265, there are chances of a strong rally above USD 1,300.
On the downside, the key weekly support sits at USD 1,150. A downside break below USD 1,150 could open the doors for a larger decline towards USD 1,050 or USD 1,000.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down 2% and it is now trading below the USD 485 support. If BCH clears the USD 465 support, it could revisit the USD 450 level. Any more losses might open the doors for a push towards the USD 400 support. On the upside, an initial resistance is near the USD 485 level, but the main breakout resistance is still near the USD 500 level.
Litecoin (LTC) struggled on more than two occasions to stay above USD 150. LTC is now trading well below USD 150 and it is testing the USD 140 level. An immediate support is at USD 136, below which the price could decline towards the USD 128 and USD 125 support levels.
XRP price failed to settle above USD 0.300 and started a fresh decline. The price traded below the USD 0.280 support and it seems like it could revisit the USD 0.265 support. The key weekly and monthly support is at USD 0.255, below which the bulls might face strong selling pressure.
Other altcoins market today
In the past few hours, a few altcoins gained over 8%, including ZEN, OMG, WAVES, GRT, CRV, OCEAN, IOST, KSM, and REN. Out of these, ZEN rallied 30% and it is up over 60% in the last seven days.
Overall, bitcoin price is showing a few negative signs below USD 36,500 and USD 37,200. If BTC breaks the USD 34,200 support, there is a risk of a larger correction in the next few days.