Bitcoin (BTC) is declining over USD 10,000 from its all-time high. Ethereum (ETH) plunged over 15% and tested USD 1,050, XRP is enduring the USD 0.255 support. CELO exceeded with a firm increase over the USD 3.30 level.
BTC continued in a bearish zone after it settled below USD 35,000. BTC declined below many major supports near USD 32,000 to move into a bearish zone. It even spiked under USD 29,000, and it is currently (05:00 UTC) getting closer to USD 32,000.
Furthermore, the most notable altcoins decreased heavily and are now moving higher again. ETH/USD declined under USD 1,150, and it even tested USD 1,050. XRP/USD dropped 15%, and it even spiked below USD 0.255 before correcting higher.
Total Market Capitalization
Source: www.tradingview.com
Bitcoin Price
After a close below USD 34,000, Bitcoin (BTC) struggled to correct higher. BTC extended its decline below the USD 32,000 support level, and it even spiked below the main USD 30,000 pivot level. The bulls appeared near USD 28,800, and the price recently started an upside correction.
It is trading over the USD 30,000 level, with initial resistance at USD 31,800. The first significant resistance is forming near USD 32,200, but the main hurdle could be near USD 33,000.
“[The USD 30,000] level looks very vulnerable and a break below it is bad news in the near-term for bitcoin and cryptos in general,” Craig Erlam, senior market analyst at Oanda Europe, communicated in a note Thursday, according to Bloomberg.
“I wouldn’t be surprised to see a test of USD 20,000 before too long.”
Nevertheless, Jehan Chu, managing partner with blockchain advisory firm Kenetic Capital in Hong Kong, continued that a “natural correction” is underway and that profit-taking won’t “reverse the unprecedented assimilation of bitcoin into Wall Street’s DNA, leading to USD 100,000 levels this year.”
Ethereum Price
Ethereum (ETH) declined almost 18%, and it broke the USD 1,250 and USD 1,150 support levels. ETH tested the USD 1,050 level, and it is now recovering losses. The price is back above USD 1,120, but it faces barriers near USD 1,180 and USD 1,200.
The primary resistance is now forming near the USD 1,250 level (the last breakdown zone). On the downside, the USD 1,100 and USD 1,050 levels are essential supports.
Bitcoin Cash, Litecoin, and Ripple Price
Bitcoin Cash (BCH) is below 12%, and it extended its decline below USD 425. BCH even spiked below USD 400, but the bulls took a stand. The price is currently recovering above USD 410 and is showing positive signs. On the upside, the first significant resistance is near USD 435, but the primary resistance for bullish formation could be USD 450.
Litecoin (LTC) dropped under the USD 132 and USD 130 support levels. LTC tested the USD 122 support, and it is back above USD 130. An initial resistance on the upside is near the USD 138 and USD 140 levels. To move into a positive zone, the price must settle above USD 142. On the downside, the USD 130 level may be a decent support zone.
Ripple (XRP) also followed bitcoin and ethereum, with a dip below the USD 0.280 support. The price even spiked below the USD 0.265 and USD 0.255 support levels. The price is currently recovering higher and trading near USD 0.265. On the upside, the price could face resistance near USD 0.280. The primary breakout resistance is still near the USD 0.300 level.
Other Alts Market Update
Several altcoins declined over 10%, including ENJ, IOST, DASH, HBAR, REN, EWT, BTG, SOL, DCR, GRT, VGX, ADA, BCH, OCEAN, XMR, CRO, and WAVES. Conversely, CELO, MANA, CRV, and BAT are up over 8%.
Generally, Bitcoin is showing some bearish signs under USD 32,000 and USD 33,000. There could be a short-term downside correction, but the bulls might try near USD 32,500 and USD 33,000.
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