Bitcoin (BTC) is consolidating losses above the USD 34,000 support. On the flipside, Ethereum (ETH) struggles to recover above USD 1,350, XRP is up 2% and is approaching USD 0.300. HBAR settled above USD 0.10, CELO and ICX are up over 15%.
BTC declined after it broke the USD 35,500 support. BTC even dived below USD 34,000 before the bulls appeared near USD 33,400. It is currently (05:00 UTC) consolidating losses above USD 34,000 and facing many hurdles near USD 35,500.
Similarly, most significant altcoins are still in a bearish zone. ETH/USD is down 5%, and it is trading well below the USD 1,350 resistance zone. XRP/USD is showing a few positive signs, but USD 0.300 is still a significant barrier.
Total Market Capitalization
Source: www.tradingview.com
Bitcoin Price
After a substantial decline, Bitcoin (BTC) support near USD 33,400. BTC started an upside correction above USD 34,000 and USD 34,500. Yet, the price is facing a lot of hurdles near USD 35,000 and USD 35,500. To start a steady increase, the price must settle above USD 35,000 with a follow-up move above USD 35,500.
If not, there is a risk of more downsides below USD 34,000. The first critical support is near the USD 33,400 zone, under which the bears might test USD 32,000.
Ethereum Price
Ethereum (ETH) found support near USD 1,250 and started a healthy recovery. ETH surpassed USD 1,300, and it even spiked above USD 1,350, but there was no momentum above USD 1,350. The price is down 5%, and it is now consolidating near the USD 1,290 level.
Immediate support is near the USD 1,280 level. The primary support is now forming near the USD 1,250 level, below which the price might decline heavily. On the upside, the USD 1,350 zone is a crucial breakout region for a new increase.
Bitcoin Cash, Litecoin, and Ripple Price
Bitcoin Cash (CBCH) is down 5%, and it extended its decline below USD 485. BCH is trading near the USD 475 level, and it could even revisit the USD 465 support. If there are more losses, the bears might aim for a test of USD 450. Conversely, a clear break above USD 488 may increase the chances of a surge above USD 500.
Litecoin (LTC) failed to recover, and it even spiked below the USD 140 support. LTC’s limited downsides and the price recovered above USD 142. On the upside, the previous support near USD 150 could act as a resistance in the short-term.
Ripple (XRP) price is stable above USD 0.280, and it is up around 2%. The price is approaching the USD 0.300 resistance. An explicit close above the USD 0.300 and USD 0.308 could set the pace for a new increase. In this case, the price could revisit USD 0.330. On the downside, the USD 0.265 and USD 0.255 levels are essential supports.
Other Alts Market Update
A few altcoins gained over 8%, including HBAR, CELO, ICX, CRV, VET, ZEN, LSK, AVAX, and DOT. Out of these, HBAR corrected its gains from USD 0.124 to USD 0.109.
In general, Bitcoin is consolidating losses and struggling to recover above USD 35,000. If BTC continues to struggle below USD 35,000 and USD 35,500, there is a risk of a more considerable decline towards USD 32,000.
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