Bitcoin, Ethereum, and Altcoins Gain Bearish Momentum
Bitcoin price made an attempt to recover above USD 32,500, but it failed to gain momentum. BTC started a fresh decline and traded below the USD 32,000 support level. It is currently (13:00 UTC) trading below USD 32,000 and it could even dive towards USD 30,500.
Similarly, most major altcoins are showing bearish signs. ETH/USD is struggling to stay above USD 1,250 and it may revisit USD 1,200. XRP/USD is also showing bearish signs and it might test USD 0.250.
Total market capitalization
After a short-term recovery wave above USD 32,000, bitcoin price faced many hurdles. BTC started a fresh decline and settled below USD 32,000. It is approaching the USD 31,000 support level, below which it could test USD 30,500. The next major support on the downside is near the USD 30,000 level.
If there is a fresh increase, the bulls might face resistance near USD 32,400. The first major resistance is now near USD 33,000, above which USD 33,500 might prevent an upside break.
Ethereum price traded in a range above the USD 1,300 support zone. ETH recovered above USD 1,340, but there was no bullish momentum. The price is currently showing bearish signs and it seems like the bears are aiming for a test of the USD 1,220 level in the near term.
Conversely, ether price might increase above USD 1,320 and USD 1,335. The next major resistance is at USD 1,385, above which the bulls could move towards the USD 1,450 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating near the USD 425 zone. If BCH continues to move down, the USD 405 and USD 400 support levels might hold losses. On the upside, the USD 440 level is an immediate hurdle. The main resistance for a steady increase is now forming near the USD 450 level.
Litecoin (LTC) is down 10% and it is approaching the USD 130 level. It seems like LTC could accelerate losses and decline towards the USD 125 support. The next major support is seen near the USD 112 level. On the upside, the price might face resistance near the USD 138 and USD 140 levels. A close above USD 140 is a must for a decent increase in the coming sessions.
XRP price is trading in a bearish zone well below the USD 0.285 level. The price is testing the USD 0.265 support and it seems like it could soon test the USD 0.255 support. Any more losses may possibly open the doors for a larger decline in the near term. Conversely, a close above the USD 0.285 level is needed for a test of USD 0.300.
Other altcoins market today
Many altcoins declined over 8%, including SUSHI, COMP, CRV, NXM, NEAR, SNX, LRC, ALGO, IOST, MIOTA, OCEAN, GRT, KNC, XVG, and UMA. Conversely, XEM, CHSB, MATIC, CELO, THETA, and SOL managed to gain strength.
Overall, bitcoin price is showing bearish signs below USD 32,000 and USD 32,500. If BTC fails to stay above USD 31,000, it could spark a sharp decline.