- The total crypto market cap declined heavily and tested the $285.0B support area.
- Bitcoin price is under a lot of pressure and it recently tested the $11,000 support area.
- BCH price is down 5% today and it settled below the $350 support area.
- EOS price is currently correcting higher, but it may face hurdles near the $4.80 level.
- Stellar (XLM) price tumbled below the $0.0900 level and even tested the $0.0850 support.
- Tron (TRX) price extended losses by more than 8% and broke the $0.0300 support area.
The crypto market cap and bitcoin (BTC) declined heavily below key supports. Ethereum (ETH), BCH, stellar (XLM), ADA, EOS, ripple, and tron (TRX) are currently under a lot of selling pressure.
Bitcoin Cash Price Analysis
There was a strong decline in bitcoin cash price after it broke the key $380 support area against the US Dollar. The BCH/USD pair even traded below the $360 support and settled below the $350 level. The pair is currently consolidating losses, but it remains at a risk of more losses below $340 and $335.
The main support on the downside is near the $320 zone, below which there is a risk of a test of $300. On the upside, a close above the $380 level is needed for a decent recovery.
Stellar (XLM), EOS and Tron (TRX) Price Analysis
EOS price declined sharply below the $5.000 and $4.500 support levels. It tested the $4.400 support level and is correcting higher. However, there are a few important resistances on the upside near the $4.75 and $4.80 levels, above which the price could recover positively.
Stellar price came under a lot of selling pressure after it broke the main $0.1000 support level. XLM price even cleared the $0.0920 support level and traded close to the $0.0850 level. If there are more losses, the price may even test the $0.0800 support level.
Tron price is extending losses below the $0.0320 and $0.0300 support levels. TRX price is down more than 8% today and it could continue to slide towards the $0.0280 support level. On the upside, the main resistances are near $0.0295 and $0.0300.
Looking at the total cryptocurrency market cap 4-hours chart, there was a sharp decline below the $330.0B and $320.0B support levels. The market cap even broke the key $300.0B support area and moved closer towards the $285.0B support area. In the short term, there could be an upside correction, but the market cap is likely to face resistance near the $305.0B and $308.0B levels. Therefore, there are chances of more losses in bitcoin, Ethereum, EOS, ripple, litecoin, bitcoin cash, XLM, TRX, BNB, WAN, WTC, ICX, and other altcoins in the near term.
Crypto Market Attempts Bullish Breakout, Gains $10 Billion In 3 Hours
It’s mid-week and the bulls have continued to show their strength. Since the bears descended on the market last week, they have wiped out more than $50 billion. One of the worst affected coins has been Ethereum but the crypto market has now gained over $10 billion in the last few hours, pushing its market cap to $270 billion at press time.
Ethereum, which is the largest altcoin by market cap, has in the past few days suffered losses in double digits. In the last few hours, the coin has reversed this trend and is currently up over 8%. This has seen the asset climb just above $215.
Massive Gains Across The Market
Bitcoin, the crypto boss, had dropped from highs of $12K to under $10K as we have been reporting. At the time of press, Bitcoin is striving to get back above $10k as its currently up over 4% and trading at $9,914.
For a few hours yesterday, the bulls seemed to have made a comeback. Bitcoin recorded moderate gains for some time but the bears soon put a stop to that. During this time, Bitcoin climbed to nearly $11K before sliding all the way below $10K.
XRP, on the other hand, is also headed upwards as it records a gain of more than 7%. In the last couple of hours, it has slipped above $0.31. This story repeats itself all through the market with almost all cryptocurrencies in the top 10 gaining more than 10% and hitting back above key support positions.
For some analysts, as we reported, these numbers come as no surprise. However, they warn that the continued bearish trend of the same, could trigger reverse sell-offs and see prices fall below expected levels. For Bitcoin, staying above $9K is key for its next major bullish move.
Crucial For Ethereum (ETH) To Maintain $200
Like most altcoins, Ethereum is currently above a crucial support position. This is possibly because altcoins continue to lack strong support. Most investors are currently holding Bitcoin as its dominance continues to edge closer to 70%, leaving altcoins vulnerable to massive drops.
What Triggered The Drop?
The latest drop came in the wake of new aim at crypto and in particular, Libra. Following the criticism from U.S President Trump, the market seemed to do well but soon broke down.
Since the President’s remarks, there has been a renewed examination of crypto across different government organizations. This has seen a lot of speculators, who were accumulating during the most recent rally, cash-out.
Crypto Market Drops $20 Billion In 1 Hour Following Facebook’s Libra Senate Hearing
Bitcoin price has been on a downswing since July 10th, with minor uptrends in between. In a period less than a week, bitcoin has plunged to trade below $11,000 which many traders believe is a crucial support level for swing and day traders.
Bitcoin’s Outlook In The Short-term Remains Bearish, Analysts Say
Yesterday the US Treasury Secretary held an official briefing at the White House, as ZyCrypto reported, where he addressed the US Government’s stance on Facebook’s Libra and crypto regulations. He stated that government regulators would beef up their oversight of the cryptocurrency ecosystem. Upon the release of the surprise briefing, bitcoin price raced to $11,000.
However, bitcoin is currently consolidating below the $10k level. The bears are attacking hard making it a real struggle for bitcoin to climb back above the $11,000 support level. At press time, the king crypto is trading at $9,698.55 and further correction will be seen if it does not break the $9k resistance, which is more than likely.
Josh Rager, popular crypto-analyst and trader has been keen on this price movement on a 4-hour chart noting: “A quick drop in price over the last two candles with the area to watch as support as $10,191. On the 4 hour chart, as long as it closes above that level it will continue to make higher-lows and maintain a ranging pattern. Close below that area and it’s bearish.”
Another popular trader-cum-analyst, Nick Cote stated via twitter that bitcoin remains bearish in the short-term until it recovers back to $11K. He said, “Bearish throwback respected at $11,000. Bullish support respected at $9,700. Bearish bias remains until we re-claim the $11,000 level,”
Altcoins Are Biting The Dust, Again
A bitcoin sell-off often ignites a waterfall event for top altcoins like ethereum, Ripple’s XRP, Litecoin, EOS and Bitcoin Cash. Presently, it’s no different. Case in point, ethereum, the top altcoin, has dipped by more than 13% to trade at $200.10 at press time. Litecoin (LTC) is now trading below the key $80 area and is down by 14.66%.
The Road Ahead For Bitcoin
In the short-term, further scrutiny from regulators on Facebook’s Libra is anticipated and this could make existing investors wary of taking a leap of faith. Hence, in the short-term, bitcoin traders and analysts are of the opinion that the price trend remains bearish.
Crypto Analyst: Bitcoin Stock-to-Flow Predicts Leading Crypto Will Shatter $10 Million – BTC, Ethereum, XRP, Litecoin Forecasts
A crypto analyst known for applying the stock-to-flow ratio to Bitcoin has revealed a set of massive calls on where the price of BTC may be heading.
Stock-to-flow is typically used to analyze precious metals, and calculates the current supply of a given commodity divided by the amount produced per year in order to predict future value. When using the ratio to determine where Bitcoin may be heading, the leading cryptocurrency’s limited supply of 21 million coins becomes a key factor.
In a new viral tweet, PlanB tells his 22,000 followers that after making some tweaks, his stock-to-flow projection now tracks Bitcoin’s price history with 99.5% accuracy, and forecasts BTC will hit $1 million in less than a decade before ultimately hitting $10 million.
“This is becoming scary: Using October instead of December data, stock-to-flow model fit improves to 99.5% R2!
Model error was mainly caused by November 2013 and December 2017 all-time highs, so sampling without the ATH gives less noise. Predicted Bitcoin prices increase: $100K (2020+), $1M (2024+), $10M (2028+).”
At time of publishing, BTC is up 3.77% at $10,882 according to COIN360. Ethereum is down 0.55% at $234.46, XRP is up 1.61% at $0.3170 and Litecoin is up 3.11% at $92.36.
Technical analysts at large are tracking Bitcoin’s potential recovery with the leading crypto on the rise after briefly dipping below $10,000.