Bitcoin price rose steadily above the USD 19,500 resistance. BTC even traded above USD 19,800 but couldn’t beat the USD 20,000 resistance. As a result, there has been a sharp bearish reaction and the price is currently (13:00 UTC) down more than USD 1,200 from today’s high.
Similarly, there has been a sharp drop in most major altcoins, including Ethereum, XRP, Litecoin, EOS, XLM, LINK, BNB, TRX, Bitcoin Cash, and ADA. ETH / USD was trading at a new year high at USD 635 before falling more than USD 50. XRP / USD is down 5% and could fall further below USD 0.600.
Total market capitalization
Bitcoin price exceeded the USD 19,500 resistance today. BTC even broke the USD 19,800 resistance and hit a new annual high. However, the bulls failed to overcome the $ 20,000 resistance. There were some spikes, but later the price fell sharply below USD 19,500 and USD 19,000.
The price is now well below USD 19,000 and is approaching the USD 18,250 support. The next major support is near the $ 18,000 level below which the price could test the $ 17,800 level.
The Ethereum price gained momentum above the USD 625 and USD 630 levels. ETH was trading at a new high for the year at USD 635 before falling above USD 50. The price broke the $ 600 support and showed some bearish signs.
The next major support is near USD 570, below which the price could test as much as USD 550. On the upside, the USD 595 and USD 600 levels could act as hurdles again.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price followed a similar pattern and started a sharp drop from well above USD 315. BCH is down 2% and trading below the USD 290 level. Initial support is near the USD 280 level. Main support is now waiting for $ 270. On the upside, the bulls could face resistance near $ 295 and $ 300.
Litecoin (LTC) was earlier today above the $ 90 level before a sharp bearish wave emerged. The price has broken the USD 85.00 support and tested the USD 80.00 level. If there are other downsides, the price could test the USD 76.50 support level. Conversely, the price could steadily rise towards the USD 84.00 and USD 85.00 levels.
The XRP price rose above the USD 0.655 resistance but there was no break above USD 0.700. There was a drop of over USD 0.50 and the price even broke the USD 0.620 support. The price is now trading near the USD 0.600 support with a bearish angle. Further losses could lead the price towards USD 0.588.
Other altcoin market today
In the past few hours, many altcoins have declined by over 5% including HEDG, NMR, DASH, ADA, XLM, WELLEN, DGB, MIOTA, EWT, UMA, BAND, OMG and UNI. Conversely, SUSHI stayed in a positive zone and is still up over 10%.
In conclusion, Bitcoin price reacted sharply after failing to remove the $ 20,000 resistance. BTC is now trading well below USD 19,000, but the drops are still attractive to the bulls in the sessions to come.