Bitcoin price failed to extend gains above USD 19,500. As a result, BTC reacted to the downtrend below the USD 19,200 and USD 19,000 support levels. The price is currently trading below USD 19,000 (13:00 UTC) and it appears that there are further downsides below USD 18,800 and USD 18,500.
Similarly, most major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA, experienced a downward break. ETH / USD has broken the key support level of USD 600 and even traded below USD 595. XRP / USD declined over 5% to trade below the main USD 0.600 support area.
Total market capitalization
Bitcoin price reacted down after a rejection near USD 19,500. BTC has surpassed the USD 19,000 support level to enter a short-term bearish zone. The price is approaching the $ 18,800 support and it seems like it may continue to move towards the $ 18,500 support. Further losses could require a push towards USD 18,200.
On the downside, the previous support near USD 19,000 could potentially act as resistance. The main resistance is still near the USD 19,500 level.
Ethereum price followed a similar pattern and fell below the USD 600 support. ETH is down 3% and is trading near the USD 590 level. Initial support is at USD 585, followed by USD 580. A move below USD 580 could require a push towards USD 570.
On the upside, the price could struggle to break the USD 598 and USD 600 resistance levels. A closing price above USD 600 is a must to start a fresh move towards USD 615 and USD 620.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price is now well below the $ 300 level. BCH traded below the USD 290 level and could continue to fall towards the USD 282 and USD 280 levels. The next major support is near the USD 270 level. On the upside, the bulls could see strong selling interest near the $ 300 level.
Litecoin (LTC) is trading below the USD 86.50 support level. LTC is testing the $ 85.00 level and may retest the $ 83.20 support soon. Further losses could require a push towards the USD 80.50 and USD 80.00 support levels. On the upside, the price may encounter resistance at USD 88.50.
The XRP price fell sharply after failing to rise above the $ 0.635 level on multiple occasions. The price is down over 5% and traded below the USD 0.600 support. The next major support is at USD 0.575, below which the price could fall towards USD 0.550.
Other altcoin market today
In the past few hours, many altcoins have declined by over 5% including QTUM, RSR, ICX, ZIL, HBAR, SNT, DGB, ENJ, MIOTA, LTC, NMR, NANO, SNX, UMA, and UNI. Of these, QTUM is gaining bearish momentum and could trade below the USD 2.65 support.
In conclusion, Bitcoin price broke the USD 19,000 support for entering a short-term bearish zone. BTC is now at risk of further short-term losses below the USD 18,800 and USD 18,500 support levels.