Bitcoin price is still trading well below the key USD 52,000 resistance zone. BTC is currently (05:00 UTC) showing bearish signs below USD 50,500. If there is a close below USD 50,000, the price could decline towards the USD 48,000 support zone.
Similarly, some major altcoins are showing signs of a fresh decline. ETH struggled to stay above USD 1,665 and it declined towards USD 1,600. XRP/USD is gaining bearish momentum and it could revisit the USD 0.450 support zone.
Total market capitalization
After recovering above USD 50,000, bitcoin price failed to move above USD 51,500. BTC stayed well below the key USD 52,000 resistance and it is now slowly moving lower. It is struggling to stay above the USD 50,000 level and it seems like it could move down towards the USD 48,000 support. Any more losses might call for a test of USD 46,500.
On the upside, the first key resistance is near the USD 51,500 level. The main breakout zone is near the USD 52,000 level, above which bitcoin might move into the green zone.
Ethereum price broke the USD 1,665 resistance, but it struggled near the USD 1,700 level. ETH topped near the USD 1,720 level and it declined over 5%. The price is now trading near the USD 1,600 level, with an immediate support at USD 1,570. If there are more losses, the price could revisit the USD 1,500 support zone.
On the upside, the USD 1,650 and USD 1,665 levels could act as hurdles once again. The main resistance is now forming near the USD 1,700 level.
BNB, litecoin, and XRP price
Binance Coin (BNB) spiked to test the USD 280 level before it trimmed gains. BNB is now trading below USD 250 and it might continue lower towards the USD 232 and USD 230 levels. The next major support is near the USD 220 level. On the upside, the bulls are struggling to gain strength above USD 260.
Litecoin (LTC) failed to clear the USD 188 resistance level and started a fresh decline. LTC is trading below the USD 180 level and it might test the USD 172 support. Any more downsides may possibly call for a test of the USD 165 support. Conversely, a clear break above USD 188 might lead the price towards the USD 200 resistance.
XRP price failed to clear the USD 0.500 resistance and started a fresh decline. It is down over 4% and it is approaching the USD 0.450 support. If there is a clear break below USD 0.450, the price could decline towards the USD 0.420 support. On the upside, the USD 0.482 level presents resistance.
Other altcoins market today
Many altcoins declined over 8%, including IOST, LUNA, ZEN, AAVE, RUNE, KSM, REN, CRV, 1INCH, ALGO, UNI, ZRX, XMR, and ATOM. Conversely, FTM is still in the green zone and it rallied above the USD 0.650 level.
Overall, bitcoin price is moving lower and it could continue to move down towards USD 48,000. To start a strong increase, BTC must clear USD 51,500 and USD 52,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-and-major-altcoins-show-signs-of-weakness-9336.htm
By: Aayush Jindal