Bitcoin Drops Below USD 7,000, Altcoins Follow

After multiple failures to clear the USD 7,400 resistance area, bitcoin price reacted to the downside. BTC/USD broke the USD 7,250 and USD 7,120 support levels to move into a short term bearish zone. BTC is down more than 5% (08:30 UTC) and it could continue to move down.
Similarly, most major altcoins are gaining bearish momentum and declined between 5%-8%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD declined below the USD 162 support and trading below USD 160. Besides, XRP/USD is struggling to stay above the key USD 0.188 support area.

Total market capitalization

Bitcoin Drops Below USD 7,000, Altcoins Follow 101

Bitcoin price

In the past few hours, bitcoin price saw an increase in selling pressure after it failed to overcome key resistance levels near USD 7,400. BTC/USD declined more than 5% and broke the USD 7,250 and USD 7,120 support levels. It is now trading below USD 7,000, with an immediate support at USD 6,880. Any further losses could lead the price towards the USD 6,550 level.
On the upside, the previous supports near USD 7,050 and USD 7,120 are now likely to act as major resistances if the price starts an upside correction.

Ethereum price

Ethereum price failed to overcome the key USD 175 hurdle and dropped. ETH/USD is down close to 10% and it broke the USD 162 support level. If the price continues to move down, it could revisit the USD 150 support in the coming sessions.
Conversely, the bulls are likely to struggle near USD 162 if there is an upside correction. The first key resistance is near USD 165, above which the price might retest the USD 170 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price topped near the USD 280 resistance and started a sharp decline. BCH/USD declined more than 10% and it broke the USD 250 and USD 240 support levels. The next key support is near USD 224, below which the bears are likely to aim a test of the USD 205 support area.
Litecoin failed to gather momentum towards USD 48.00 and…

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