Market Weekly Outlook: Bitcoin Targets Fresh Lows
- Bitcoin price failed to recover and declined below the USD 7,500 support.
- All major altcoins are in the red zone and are likely to extend declines.
- Civic and All Sports posted gains more than 20%.
Total market capitalization this year:
The crypto market remained under selling pressure during the past few days, resulting in downsides in bitcoin, ethereum, bitcoin cash, ripple and other major cryptocurrencies. Bitcoin price settled below the USD 7,600 and USD 7,500 support levels, opening the doors for more losses. Looking at the current market sentiment, there are many bearish signs, which could result in fresh lows this week.
Bitcoin price is currently down around 1% to USD 7,220, with an immediate support at USD 7,150. A break below the stated USD 7,150 support will most likely push the price further lower towards the all-important USD 7,000 level.
If BTC/USD sellers remain in control during the following sessions, there is a risk of a downside break below USD 7,000. On the upside, weekly resistances are at USD 7,500 and USD 7,600. Above this last, the significant hurdle is at USD 8,000.
Ethereum tumbled by more than 8% and declined below the last low near USD 550. ETH/USD is currently under heavy selling pressure and it could even test the USD 500 support. Below USD 500, there is an open space up to USD 440.
On the flip side, if the price corrects higher, the previous supports at USD 580 and USD 600 are likely to act as resistance. A daily close above USD 600 is must for a bounce back in ETH in the near term.
Bitcoin Cash and Ripple
Bitcoin cash price settled below a crucial support at USD 1,000, clearing the path for more declines. BCH/USD is currently down 6.5% to USD 925, with an immediate support at USD 900. Weekly resistances are at USD 980 and USD 1,000.
Ripple closed below USD 0.60, which is a strong bearish signal. XRP/USD may now decline further and it could test the next weekly support at USD 0.55, which is an important level.
Other Altcoins Market Today
Almost all low cap altcoins declined today, including Nano, Tron, ICON, WAN, Kin, Zcash, KNC, Steem and others. Two altcoins, Civic and All Sports performed well and traded higher by more than 20%.
Overall, the current price action and technical structure is signaling a bearish bias. To initiate a decent recovery, bitcoin must break the USD 7,600 resistance and close above USD 8,000.