Bitcoin price gained momentum above the USD 33,500 resistance but did not stay above USD 34,500. BTC started a new drop, trading below the USD 33,500 pivot level. It is currently trading well below USD 32,400 (05:00 UTC) and there is still a risk of additional downside.
Additionally, Bitcoin’s weakness has dragged down most of the major altcoins. ETH / USD was down over 8% and even tested the USD 1,300 level. XRP / USD is gaining bearish momentum, struggling to stay above USD 0.265.
Total market capitalization
After moving above USD 34,200, Bitcoin price failed to break the USD 35,000 resistance zone. BTC hit near the $ 34,750 level and recently started a new decline. It broke the USD 33,500 and USD 32,500 support levels. There was also a break below the $ 32,000 level. The next major support is at USD 31,200, below which the price could drop to USD 30,500.
On the upside, the USD 33,500 level could act as a key drag again. A closing price above USD 33,500 could potentially increase the chances of a new run towards USD 35,000.
Ethereum price followed Bitcoin, falling over 8%. ETH broke the USD 1,380 and USD 1,350 support. There has also been a surge below USD 1,300 and the price is currently consolidating above USD 1,300. On the upside, initial resistance is near USD 1,350. The first major resistance is at USD 1,380, above which the ether could recover towards USD 1,450.
Conversely, a closing price below the USD 1,300 support zone could require a longer decline towards the USD 1,250 and USD 1,240 support levels.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price has fallen over 5% and exceeded the support level of $ 450. BCH has tested the USD 425 support and is currently consolidating losses. If it rallies again, the price could face hurdles near $ 445 and $ 450. A break below $ 425 could move the price towards the $ 405 support.
Litecoin (LTC) failed to surpass the USD 142 and USD 140 support levels. LTC even rose below $ 135 but stayed above $ 132. If there are more losses, the price could revisit the USD 125 support zone. Conversely, the bulls could have strong selling interest near the USD 142 level.
XRP price is gaining bearish momentum and is struggling to stay above the $ 0.265 support. The next major support is at USD 0.255. A daily close below USD 0.255 could potentially trigger a sharp decline in the coming days.
Other altcoin market today
Many altcoins were down over 8%, including SUSHI, COMP, SNX, NEAR, BAT, IOST, BRT, RSR, KSM, UMA, and YFI. Of these, SUSHI is down 15% and is trading below the USD 8.00 support. At the same time, DCR, ZEN and ERD have increased by more than 15% to 40%.
Overall, Bitcoin price reduced profits and broke many key supports near USD 33,500. BTC even pulled ETH down, but the ether could remain stable as long as it is above USD 1,250.
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