Bitcoin price extended its decline below USD 31,200, but the bulls defended heavy losses. BTC rebounded from USD 30,800 and is currently (05:00 UTC) trading above USD 31,500. However, the price faces many hurdles, starting at $ 32,400 all the way up to $ 34,500.
Similarly, most large altcoins consolidate losses. ETH / USD is trading near USD 1,300 with decent support at USD 1,275. XRP / USD is struggling and it looks like the bears may attempt a big downside break below USD 0.255.
Total market capitalization
After bids were found near $ 30,800, Bitcoin price rebounded above $ 31,200 and $ 31,500. Initial resistance for BTC is near the USD 32,400 level. A decent pause and further move above USD 32,400 could potentially open the doors for a push towards USD 33,000. The main resistance is still near $ 33,500.
On the downside, the $ 31,200 level is a support zone. The next major support is at $ 30,800, below which the price could fall towards the $ 30,000 support zone.
Ethereum price appears to be consolidating above the USD 1,275 support zone. On the flip side, ETH could struggle near the USD 1,340 and USD 1,350 resistance levels. If there is a significant break above USD 1,350, the bulls could seek a test of the USD 1,400 and USD 1,420 resistance levels.
Conversely, there is the possibility of further disadvantages if a successful interruption occurs below USD 1,275. The next major support is at $ 1,210 and $ 1,200.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price has fallen over 3% and is struggling to stay above the USD 405 and USD 400 support levels. If BCH breaks the USD 400 support, it could see a 5-8% decline in the coming sessions. In the aforementioned case, the next major support for the bulls could be near the USD 365 level. On the upside, there is immediate resistance at USD 425, followed by USD 432.
Litecoin (LTC) was down over 4%, trading near the USD 130 level. If the LTC continues lower, the bulls could protect the USD 125 support. Further losses could pave the way for a test of the USD 105 and USD 100 support levels. On the upside, the USD 138 and USD 140 levels are major breakout zones.
The XRP price is falling and trading well below USD 0.280. The price failed to hold USD 0.265. The next major support is near the $ 0.255 level. A closing price below the USD 0.255 level could trigger a sharp decline. Conversely, a rallying wave may encounter resistance near USD 0.285 and USD 0.288.
Other altcoin market today
Some altcoins were up over 5% including MATIC, LUNA, CHSB, UNI, ZRX, SNX, XEM, AAVE, COMP and IOST. Of these, MATIC is up 45%, removing the USD 0.045 resistance.
Overall, Bitcoin price is consolidating losses below the $ 32,400 and $ 33,000 levels. If BTC is struggling to recover above $ 32,400, it could see further losses below $ 31,200 in the short term.
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