Bitcoin and Altcoins Recovery Faces Strong Headwinds
There was an increase in selling pressure on bitcoin below the USD 4,100 resistance. BTC/USD extended declines recently and traded below the USD 4,000 support. The price traded below the USD 3,900 level before buyers appeared near the USD 3,800 level. Similarly, ethereum price declined below the USD 112 and USD 110 support levels before correcting higher. Ripple price broke the USD 0.350 support and tested the next key support at USD 0.340. The market is currently (UTC 08:00 AM) recovering, but it looks like it won’t be easy for bitcoin and altcoins buyers to gain strength to overcome selling pressure.
Total market capitalization
There was a sharp downside move in bitcoin price below the USD 4,000 support level. BTC/USD declined more than USD 200 and tested the USD 3,800 support area. Later, the price bounced back above USD 3,900 and trimmed most of the recent decline.
An initial resistance is near the USD 4,050 level, above which the price could test the USD 4,100 resistance. The main hurdle for buyers is near the USD 4,200 level, which prevented an upside break on a few occasions. If the price fails to move above USD 4,050 or USD 4,100, it could decline once again towards the USD 3,900 or USD 3,800 level in the near term.
Ethereum traded below the USD 112 and 100 support levels. ETH/USD traded close to the USD 105 level before buyers appeared and protected further losses.
The price is currently correcting higher, but it is facing a lot of hurdles near the USD 112 and USD 114 levels. To rebound with a positive angle, the price must surpass the USD 115 and USD 120 resistance levels. On the downside, the main supports are near USD 105 and USD 102.
Bitcoin cash and ripple price
Bitcoin cash declined more than 5% and broke the USD 170 and USD 160 support levels. BCH is currently trading well below the USD 160 level and it seems like it could even trade below the USD 150 support. BCHSV is stable above the USD 90 level, but it facing a lot of hurdles near the USD 98 and USD 100 levels.
Ripple price remained in a negative zone and traded below the USD 0.360 and USD 0.350 support levels. XRP/USD tested the USD 0.340 support and it is currently correcting higher.
Other altcoins market today
A few small cap altcoins managed to gain bullish momentum and gained between 8%-20%, including FCT, ODE, NPXS, BNB, THETA and ARK. Out of these, FCT rallied close to 30% and ODE climbed around 17%.
To sum up, bitcoin price is currently recovering, but a proper break above USD 4,200 is needed for buyers to take control. If not, BTC/USD is likely to resume its decline below the USD 3,900 and USD 3,800 levels. Similarly, ethereum price must move above USD 115 and ripple price needs to climb above USD 0.370 to set the pace for a decent recovery in the near term.
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