After a successful break above the USD 7,550 resistance, bitcoin price struggled to surpass the USD 7,650 resistance area. As a result, BTC/USD failed to stay above USD 7,550 and even declined below USD 7,400. The price is now (09:00 UTC) consolidating below USD 7,400 and it could retest the USD 7,250 support.
Similarly, there were bearish moves in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is still struggling to gain bullish pace above the USD 150 and USD 152 resistance levels. Besides, XRP/USD failed to stay above USD 0.230 and declined below USD 0.225.
Total market capitalization
After an upward move, bitcoin price failed to stay above the USD 7,550 level. BTC/USD is down around 2% and it broke the USD 7,400 support level. The price even declined below USD 7,350 and tested the USD 7,250 support.
Bitcoin is currently correcting higher, but it is facing a strong resistance near the USD 7,400 and USD 7,425 levels. The main resistance is still near the USD 7,550 level. On the downside, the USD 7,250 level is an initial support, below which the price could continue to decline towards the USD 7,080 level.
Ethereum price failed on many occasions to clear the USD 150 and USD 152 resistance levels. ETH/USD is now trading well below USD 150 and it seems like it could continue to move down towards the USD 142 and USD 140 support levels.
Conversely, the bulls need to gain strength above the USD 152 resistance to start a strong rise in the coming sessions.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is down more than 2% and it is now trading below the USD 215 level. An initial support is near USD 205, followed by USD 200. On the upside, the price is likely to struggle near USD 215 and USD 220. The key hurdle is still near the USD 225 level.
Litecoin struggled to surpass the USD 46.00 level and declined back below the USD 45.00…