The last sessions saw an aggressive bitcoin sale after the price broke the support of 5,500 USD. BTC / USD is down more than USD 1,000 and is currently (UTC 08:30 AM) below the USD 4,500 level. Similarly, ethereum dropped below the support of USD 150 and seems to be able to continue its slide to USD 125 or USD 120. The ripple is stable at the start of the day, but buyers later gave up and Sellers have taken control under the support of USD 0.460. Overall, the cryptography market is witnessing one of the worst declines of this year, which could extend if sellers remain in office shortly.
Total market capitalization
Sellers have maintained control over the last three sessions and have pushed the price of bitcoins below $ 5,000, 4,800 USD and 4,500 USD. BTC / USD is currently down 16%, with immediate support at 4,400 USD. If there are further drops, the price will most likely fall towards the support level of USD 4,150 or USD 4000.
On the other hand, if there is an upward correction, broken media such as 4,600 USD and 4,800 USD are able to protect gains. The main resistance for a broader recovery is now 5,000 USD, which is an important barrier.
The price of Ethereum extended losses below the support of USD 165 and fell by more than 15%. ETH / USD has broken support levels of USD 150 and USD 145 and is currently tradable below USD 140.
The next major support is USD 125, below which the price could even reach a level of USD 120. On the upside, previous support for USD 165 and USD 175 could represent solid obstacles.
Price in cash and Bitcoin ripple
Bitcoin ABC's liquidity fell by around 20% and broke support levels of USD 240 and USD 220. BCHABC is now approaching USD 200 support where buyers may emerge. More importantly, BCHSV is down about 40% and it seems that the price could accelerate losses to the level of USD 50.
The price of ripple was holding the ground earlier when bitcoin broke the support of $ 5,000. However, the XRP / USD failed to stay in the positive zone and started a downward move under the support of USD 0.460 and USD 0.450.
Other altcoin markets today
Many small-cap altcoins have now fallen over 25%, including ETP, AE, BTG, FCT, NEXO, STRAT, ELF, MANA, BCD, MITH, ARDR, ONT, PIVX, ZIL, LINK, DGD, NPXS, ICX and SC .
To sum up, the bitcoin is clearly under a selling pressure of less than 5,000 USD. There is a high probability that BTC / USD will be able to test the next key support at 4,000 USD where buyers could emerge. To start a decent recovery, the price must bounce sharply above the USD 4,800 and USD 5,000 levels in the next sessions. Likewise, ethereum could test the USD 120 support if the current trend extends in the short term.