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Bitcoin and altcoins Struggle to reach old highs

There was a minor decline in the price of Bitcoin, falling below $10,250. BTC/USD is now trading below the $10,200, with a few bearish signs. As expected, a few major “altcoins” climbed higher, including Ethereum, Ripple, BCH, Litecoin, Cardano, and TRX. ETH/USD is up around 2% and it recently tested the $200 barrier. Bitcoin may fall as low as $9,200 over the coming weeks.

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This picture show a bunch of cryptos on top of dollar bills.

The price of bitcoin is falling and it is likely to test $9,200 or $9,050. Ethereum is correcting below $190 and Ripple has returned below $0.300. DxChain Token (DX) and XTZ have increased by more than 25% today.

Total market capitalization

After a failed upside attempt near $9,500 resistance, bitcoin started a new downward move. BTC/USD was traded below the levels of $9,400 and $9,350. Currently, it is declining and could test the $9,200 or $9,050.

Similarly, the altcoins have struggled to continue the upside and correct for profit-taking, including Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, BSV, ADA and XLM.

ETH/USD has returned below the level of $190 and could soon test the support area of $185. XRP/USD is also decreasing after it failed to stay above the key pivot level of $0.300. Overall, the cryptocurrency market is struggling to continue to rise and remains at risk of a downward reaction.

Bitcoin price

In recent hours, the bitcoin price has fallen steadily below the level of $9,400. BTC/USD broke the support of $9,320 and is now trading close to $9,250. Immediate support is around the level of $9,200, below which the price is likely to extend its decline to the levels of $9,050 and $9,000.

On the positive side, the price is facing obstacles close to levels of $9,350 and $9,400. A successful closing above the $9,400 level is necessary to allow publishers to gain strength in the short term.

Ethereum price

Ethereum passed close to the resistance of $195 and started a new decline. ETH/USD corrects below $192 and $190. The price is trading close to the support of $188 and it looks like it could test the support area of $185.If a new increase occurs, the price could revisit the resistance of $195. The main upward resistance is close to the $200 barrier.

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This picture show different altcoins.
In the last three sessions, some small-cap altcoins rose by more than 10%, including DX, XTZ, DCR, and SXP. (Source)

Bitcoin Cash, EOS, and XRP

Bitcoin cash failed to stay above the level of $300 and started another downward correction. BCH/USD fell about 3% and is likely to continue to fall to support levels of $285 and $280. On the positive side, the main resistances are close to the $305 level.

EOS exceeded close to the level of $3,700 and recently corrected below the level of $3,600. The price is approaching the support of $3,500, below which the support area of $3,350 may be revisited. To continue upwards, publishers need to gain a higher rate than the $3,650 and $3,700 levels.

XRP pushed towards the resistance of $0.315, but it turned out to be a false break. XRP/USD decreased again and broke some key supports close to the levels of $0.302 and $0.300. If there are other negative aspects, the price could test the support area of $0.295 in the short term.

Other altcoin markets today

In the last three sessions, some small-cap altcoins rose by more than 10%, including DX, XTZ, DCR, and SXP. In contrast, CHZ, ABBC, OMG, CRPT, REP, XLM, NANO, and KMD are down more than 5%.

To sum up, there are some bearish signs that are emerging for bitcoins below the $9,400 hurdle. If BTC/USD fails to stay above the support levels of $9,220 and $9,200, there is a risk of further losses in upcoming sessions.

The Born2Invest mobile application helps readers digest business and finance news summaries in small digestible chunks, helping the busy reader get their daily download of business news from their mobile phone. 

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(Featured image by David McBee via Pexels)

First published in crypto news, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.

Anthony Donaghue writes about science and technology. Keeping abreast of the latest tech developments in various sectors, he has a keen interest on startups, especially inside and outside of Silicon Valley. From time to time, he also covers agritech and biotech, as well as consumer electronics, IT, AI, and fintech, among others. He has also written about IPOs, cannabis, and investing.

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