Bitcoin price failed to recover above the USD 32,000 and USD 32,400 resistance levels. BTC traded below the USD 31,200 support and is currently (13:00 UTC) showing bearish signs. It seems like the bears are aiming for a downside break below USD 30,000.
Similarly, most major altcoins are showing bearish signs. ETH/USD is trading well below USD 1,300 and it could even decline below USD 1,250. XRP/USD broke the key USD 0.255 support and it might continue to move down.
Total market capitalization
There was a fresh decline in bitcoin price below the USD 31,500 and USD 31,200 levels. BTC is down 2% and is moving lower towards the USD 30,200 level. The main support is near the USD 30,000 level, below which there is a risk of a sharp decline towards the USD 28,800 support zone.
On the upside, the USD 31,200 level is a short-term resistance. The first major resistance is near USD 31,800 level. The main resistance is now forming near the USD 32,400 level.
Ethereum price is struggling to settle above USD 1,300 and it is seemingly gaining bearish momentum. ETH is testing the USD 1,265 support level. The next key support is near USD 1,250, below which the price might drop towards the USD 1,200 support zone.
If there is a fresh increase, the USD 1,300 level is a major hurdle. A close above USD 1,300 and USD 1,320 could open the doors for an increase in the coming sessions.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down over 5% and it broke the USD 405 and USD 400 support levels. BCH is showing bearish signs, but it might find bids near the USD 388 and USD 385 levels. The next major support is near the USD 365 level. On the upside, the bulls need to gain strength above USD 405 for a fresh increase.
Litecoin (LTC) declined over 5% and it is trading well below USD 130 level. LTC is testing the USD 125 support level and it might continue to move down. The next major support sits at USD 112, below which the price could revisit the USD 105 support. On the upside, the USD 132 and USD 135 levels could prevent a strong recovery.
XRP price is gaining bearish momentum below the USD 0.265 level. It even broke USD 0.255 and it seems like the bears are aiming for a larger decline. The next major support is near the USD 0.220 level, below which the price may even revisit USD 0.200. On the upside, the price might struggle near USD 0.280.
Other altcoins market today
Many altcoins declined over 5%, including THETA, HBAR, DCR, NEO, HEDG, NANO, NEAR, VET, ENJ, DOT, ICX, ONT, WAVES, and ATOM. Conversely, FTM rallied over 50% and it broke the USD 0.08 resistance.
To sum up, bitcoin price is gaining bearish momentum below USD 31,200. BTC could accelerate losses if there is a clear break below USD 30,200 and USD 30,000 in the near term.