Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 12/24: Coins kept falling – Some worse

Bitcoin failed to reach the USD 24,000 hurdle and declined above USD 1,000. While Ethereum declined and tested USD 550, XRP is under substantial selling pressure below USD 0.300. DOGE, LINK, QTUM, MIOTA, and NEO are down over 10%.


Bitcoin peaked near the USD 24,000 resistance zone and began a fresh decline. BTC traded under the USD 23,200 support level and is currently (05:00 UTC) struggling to recover.

Likewise, most major altcoins are gaining bearish momentum, including ethereum, XRP, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD declined heavily below USD 590 and it even tested the USD 550 support zone. XRP/USD breakdown gained pace and the price even traded close to the USD 0.200 support zone.

Total Market Capitalization

Source: www.tradingview.com

Bitcoin Price

After yet another failure near the USD 24,000 resistance, Bitcoin started a fresh decline. BTC broke the USD 23,500 and USD 23,200 support levels. It even spiked below USD 23,000 and traded close to USD 22,600. The BTC is currently consolidating losses, with an immediate resistance near USD 23,200.

The first major resistance on the upside is near the USD 23,500 level. On the downside, the first major support is near the USD 22,500 level. The next major support is near the USD 22,250 level, below which there is a risk of a larger decline towards the USD 21,500 and USD 21,200 levels.

Ethereum Price

Ethereum (ETH) dropped heavily below USD 600, following XRP’s dive below USD 0.300. ETH broke the USD 595 and USD 580 support levels. It tested the USD 550 level and started a decent recovery wave. There was a break above the USD 570 level, but there are many hurdles on the upside. An initial resistance is near the USD 588 level. The main resistance is now forming near the USD 595 and USD 600 levels.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is down over 10% and it is now trading well below the USD 300 support level. BCH broke the USD 285 and USD 280 support levels. BCH is now moving closer towards the USD 270 support level. The next major support might be near USD 250. On the upside, the USD 285 and USD 288 levels are initial hurdles for the bulls.

Litecoin (LTC) spiked below the USD 100.00 support level and tested the USD 95.00 zone. It is currently recovering higher and trading above USD 100.00. An initial resistance on the upside is near the USD 105.00 level. The first major resistance is near the USD 110.00 level. On the downside, the LTC could even test USD 92.00 if there is a fresh break below USD 100.00.

Ripple (XRP) is down over 50% this week, and it broke many major supports near USD 0.3500 and USD 0.300. The decline was such that XRP even traded close to the USD 0.200 level. It is currently correcting higher, but upsides might be limited near the USD 0.300 and USD 0.320 levels.

Other Alts Market Today

In the past few hours, many altcoins declined over 10%, including DOGE, QTUM, MIOTA, LINK, NEO, HBAR, ZEC, RSR, EOS, BAND, VET, ALGO, KNC, YFI, ETC, BNT, and XLM.

In general, Bitcoin might proceed to move down if there is a clear close under USD 22,800 and USD 22,500. On the contrary, the bulls might make another effort to clear the USD 23,500 and USD 24,000 resistance levels.

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