This past week, bitcoin price remained in a downtrend and settled below the key USD 7,250 and USD 7,200 support levels. The same levels are now acting as hurdles for the bulls and BTC/USD is struggling to stay above the USD 7,000 support area.
Similarly, many major altcoins are declining and facing an increase in selling pressure, including ethereum, bitcoin cash, XRP, EOS, BNB, TRX, ADA, and XLM. ETH/USD is down 2% and it is currently struggling to stay above the USD 140 support area. More importantly, XRP/USD is sliding and it is declining towards the USD 0.210 and USD 0.208 support levels.
Total market capitalization
After a short term upside correction, bitcoin price resumed its decline below the USD 7,350 pivot level. BTC/USD broke the main USD 7,250 and USD 7,200 support levels to enter further into a bearish zone. The recent decline was such that the price tested the crucial USD 7,000 weekly support area.
If the bears gain pace below the USD 7,000 support area, there are high chances of a 5%-8% decline. The next key supports are seen near the USD 6,650 and USD 6,550 levels. On the upside, the main weekly resistances are near USD 7,250 and USD 7,350, above which bitcoin could start a decent upward move.
Ethereum price is under a lot of pressure and it even settled below the USD 144 level. ETH/USD is currently struggling to hold the USD 140 support, below which there is a risk of a sharp decline towards the USD 135 and USD 132 levels.
On the upside, there are many hurdles near USD 144 and USD 145. However, the main weekly resistance area is still near the USD 150 and USD 152 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is consolidating above the key USD 200 weekly support area. If BCH/USD slides below USD 200, the bears are likely to aim the USD 185 and USD 182 support levels in the near term. On the upside, an initial resistance is near USD 215 level, followed by the key USD 225 hurdle.
Litecoin is down around 2% and it is approaching the USD 42.50 support area. It seems like LTC/USD might continue to decline and it could soon test the USD 40.50 and USD 40.20 support levels. To recover, the price must climb above the USD 45.50 and USD 46.50 resistance levels.
XRP price started a strong decline after it settled below the USD 0.220 level. XRP/USD is down more than 3% and it broke the USD 0.215 support. It might continue to decline and there is a risk of a break below the USD 0.210 support zone in the coming sessions.
Other altcoins market today
In the past three sessions, a few small capitalization altcoins recovered more than 5%, including AOA, STRAT, ENJ, MOF, THETA, SLV, KNC, SEELE, DCR and TOMO. Out of these, AOA is up around 35% and START rallied nearly 16%.
Overall, bitcoin price is trading in a bearish zone below the USD 7,250 and USD 7,350 resistance levels. Therefore, there are high possibilities of another leg down towards the USD 6,650 support area in the coming days.