Post-halving Bitcoin Consolidates, Altcoins Facing Major Hurdles
Bitcoin price is struggling to recover above the USD 8,850 and USD 9,000 resistances. Ethereum is facing hurdles near USD 192 and XRP is holding the USD 0.190 support. ReddCoin (RDD) gained close to 25% and THETA is up more than 15% today.
After a strong decline, bitcoin price started a decent recovery wave above USD 8,550 ahead of the mining reward halving. BTC/USD even recovered above the USD 8,850 level, but it failed to surpass USD 9,000. As a result, there was a fresh decline and the price is now (08:30 UTC) consolidating in a range above USD 8,550.
However, most major altcoins remained in a bearish zone and struggled to recover, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is currently facing hurdles near the USD 192 and USD 195 levels. XRP is also struggling to recover above the USD 0.198 and USD 0.200 resistance levels.
Total market capitalization
Recently, bitcoin price failed to continue above the USD 9,000 resistance level and declined again. BTC broke the USD 8,850 level and revisited the USD 8,250 support. The price is now trading above USD 8,550 and consolidating in a range. On the upside, the bulls are facing major hurdles near USD 8,850 and USD 9,000.
A successful close above USD 9,000 and USD 9,050 is needed for a fresh rally. If not, there is a risk of another leg lower towards the USD 8,250 and USD 8,000 levels.
Ethereum price is facing a major hurdle near USD 192, followed by USD 198. The main resistance for a fresh increase is sitting at USD 200, above which the bulls are likely to take over. The next stop for the bulls could be USD 210 or USD 212.
If there is no break above USD 192, there is a risk of more losses below the USD 185 and USD 180 support levels in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is currently trading above the USD 230 support level. On the upside, BCH is likely to face a strong selling interest near the USD 240 and USD 245 levels. If there is no clear break above USD 245, the price is likely to resume its decline towards the USD 220 support in the coming sessions.
Litecoin tested the key USD 40.00 support zone and it is currently correcting higher. LTC surpassed the USD 42.20 resistance, but it is likely to face hurdles near USD 43.20. The main resistance is still near the USD 45.00 level. On the downside, a close below USD 40.00 could increase selling pressure.
XRP price is holding the USD 0.190 support level, but at the same time struggling to recover above the USD 0.198 and USD 0.200 resistance levels. If the bulls succeed, the price could surge towards USD 0.212. If not, the price may perhaps revisit the USD 0.172 and USD 0.170 levels.
Other altcoins market today
In the past three sessions, a few smaller altcoins gained more than 5%, including RDD, THETA, UBT, REP, CRPT, ADA, REN, ZEN, NEXO, and ENJ. Conversely, ZRX, NMR, FXC, and MAID saw a strong decline.
To sum up, bitcoin is consolidating above the USD 8,550 support after the halving. It seems like BTC is preparing for the next major move either towards the USD 10,000 resistance or below USD 8,000 in the coming days.