Bitcoin price has extended its decline below the USD 17,500 and USD 17,000 levels. BTC even traded below USD 16,500 before the bulls took a position near USD 16,250. The price is currently trading above USD 17,000 (05:00 UTC) but faces many hurdles near USD 17,350 and USD 17,500.
Similarly, most of the major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA, have seen decent rebound. ETH / USD is back above USD 500, but must exceed USD 530 to continue rising. XRP / USD is trading near USD 0.545 and faces strong resistance near USD 0.565.
Total market capitalization
After falling sharply, Bitcoin price found support near USD 16,250. BTC started a recovery wave and surged above USD 17,000. The price even surged above $ 17,200 but appears to be facing some major hurdles near $ 17,350 and $ 17,500. A significant break above the USD 17,500 level is required for the uptrend to continue.
Initial support on the downside is near the $ 17,000 level. The first major support is near the $ 16,800 level below which it could revisit $ 16,500.
Ethereum’s price also followed a similar pattern and began to offset losses from the USD 480 support. ETH is trading above the USD 500 and USD 510 but a large resistance is forming near the USD 530. The next major resistance is near the USD 550 level.
If there is no up movement above the USD 530 and USD 550 levels, the price could start a new decline. A sharp break below the USD 500 handle could push the price back towards the USD 480 support.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin’s cash price fell sharply below $ 300 and $ 280. BCH even tested the USD 250 support before initiating an upward correction. The price is now trading near USD 270 with an immediate resistance at USD 280. The next major resistance is near USD 288, above which the price could revisit USD 300.
Litecoin (LTC) was below the USD 70.00 support and tested the USD 65.00 support. LTC is currently recovering and trading above USD 70.00. The first important barrier for the bulls is at 75.00. A successful break above the USD 75.00 resistance could potentially lead the price towards the USD 80.00 resistance. The mainstay on the downside could be positioning near USD 65.00.
The XRP price fell below $ 0.600 and was even below the $ 0.500 support. The price moved towards the USD 0.455 support before rebounding strongly. It is now trading above USD 0.500 and USD 0.520. Initial resistance is near the USD 0.565 level. The next major breakout zone appears to be forming near the $ 0.592 level.
Other altcoin market today
In the past few hours, some altcoins have gained over 5%, including SUSHI, AAVE, YFI, SNX, KSM, WAVES, RSR, HOT and AMPL. Conversely, ABBC, CRO, BTG, SC, XEM, ONT, BSV and QNT are down over 8%.
Overall, Bitcoin price is rebounding over USD 17,000. However, BTC has to cross USD 17,500 and then USD 17,800 to continue rising. If not, it could retest the USD 16,500 support zone.