Recently, we saw a significant drop in bitcoin price from well above the USD 8,550 support. BTC/USD declined more than 10% and it even settled below the USD 8,000 level. The price is currently (09:00 UTC) consolidating losses and it remains at a risk of more losses below USD 7,800 and USD 7,700.
Similarly, most major altcoins are facing a lot of hurdles, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is struggling to recover above the USD 205 and USD 208 resistance levels. Besides, XRP/USD failed to gain strength above USD 0.210 and it might resume its decline below USD 0.205.
Total market capitalization
After a sharp decline, bitcoin price found support near the USD 7,650 area and recently corrected a few points. However, BTC/USD is facing a lot of barriers near the USD 8,000 and USD 8,050 levels. The first major resistance is near the USD 8,180 level, above which the bulls could attempt a recovery towards the USD 8,550 pivot zone.
If bitcoin price fails to recover above the USD 8,180 resistance area, it is likely to resume its decline. On the downside, an initial support is near the USD 7,700 and USD 7,650 levels, below which the price could test USD 7,400.
Ethereum price started an upside correction after trading close to the USD 184 support area. ETH/USD recovered above USD 195, but it seems to be facing a strong selling interest near the USD 205 and USD 208 levels.
Therefore, the price is likely to move back below the USD 195 and USD 190 levels unless the bulls gain momentum above the USD 208 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is now trading well below the USD 285 pivot level. On the downside, the USD 255 and USD 260 levels are decent supports, below which the bears are likely to aim a break towards the USD 220 level. Conversely, a break above the USD 285 level might send the price towards the USD 300 handle.
Litecoin declined heavily below the USD 55.50 and USD 52.50 support levels. LTC/USD is even struggling to stay above the USD 50.00 level and it could extend its decline below the USD 48.50 level. The next major supports are seen near the USD 46.50 and USD 45.00 levels. On the upside, there are many key hurdles near USD 52.50.
XRP price seems to be forming a decent support base above the USD 0.200 level. It corrected above the USD 0.205 level, but the bears are protecting the USD 0.210 and USD 0.212 resistance levels. On the downside, a clear break below USD 0.200 may perhaps spark a sharp decline.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins recovered more than 4%, including SNX, LRC, SXP, STEEM, REP, and AION. On the other hand, HBAR, MOF, REN, WAXP, LINK, MATIC, and THETA extended their decline by more than 5%.
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Overall, bitcoin price seems to be consolidating losses below USD 8,000. To start a decent recovery, it must climb above the USD 8,180 level. If not, there is a risk of more losses below USD 7,650 in the near term.