In the past few hours, there was a sharp decline in bitcoin price below the USD 7,800 support. BTC/USD declined more than 6% and it even broke the key USD 7,500 support level. It seems like the bears are aiming a test of the USD 7,200 support level in the coming sessions.
Similarly, most major altcoins are down more than 10%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD collapsed below the USD 184 and USD 175 support levels. Besides, XRP/USD failed to stay above USD 0.198 and it declined below the USD 0.188 support level.
Total market capitalization
After a failed attempt near USD 8,000, bitcoin price resumed its decline. The bears were able to push BTC/USD below the USD 7,800 support. It opened the doors for more losses and the price declined below the USD 7,500 support. It tested the USD 7,320 area and it seems like there is room for more losses towards the USD 7,200 level.
If there is an upside correction, the USD 7,640 and USD 7,700 levels are likely to act as hurdles. The main resistance levels are near USD 7,800 and USD 7,850.
Ethereum price declined after it broke the USD 184 support area. ETH/USD is down more than 15% (08:30 UTC) and it even spiked below the USD 170 level. The next key supports on the downside are near USD 164 and USD 162.
Conversely, the price is likely to face a lot of hurdles if it starts an upside correction above USD 175. The first hurdle is near USD 180, but the main hurdle for the bulls is near the USD 185 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price failed to stay above the USD 260 and USD 255 support levels. BCH/USD is down close to 10% and it might continue to move down towards the USD 230 and USD 225 support levels. On the upside, the previous support near USD 255 and USD 260 may now act as a major resistance.
Litecoin declined sharply after it failed to recover above USD 50.50 and USD 52.50. LTC/USD fell below the USD 47.50 and USD 45.00 support levels. It tested the USD 42.00 support level and it seems like there are chances of a test of the USD 40.00 support area.
XRP price is showing a lot of bearish signs below the USD 0.200 pivot level. The price declined further below the USD 0.192 support level and it is now trading near the USD 0.188 level. Any further losses could lead the price towards the USD 0.182 and USD 0.180 levels.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins declined more than 15%, including SNX, AION, STX, THETA, GNT, MATIC, HBAR, REN, LINK, ENJ, VET, NEXO, ICX, and KNC. Out of these, SNX is down around 28% and AION declined nearly 25%.
To sum up, bitcoin price is trading in a strong downtrend below USD 8,000 and USD 7,800. If the bears remain in action, there are chances of more losses towards the USD 7,200 and USD 7,000 levels in the near term.