(BTC) Bitcoin News TodayAltcoinPrice Analysis

Bitcoin Leads Altcoins as They Succumb to Bears

Yesterday marked a remarkable turning point in Bitcoin’s journey to the top as it witnessed a price decline that pushed it below the $9,500 region. Bitcoin has been trying in previous weeks to stay above the $9,500 region but has failed on its numerous attempts as it witnessed more than a 4% decline. Recall that Bitcoin reached the $10,000 region after the halving that took place in May but has failed to break past the same price mark set as its upward resistance level. Presently, Bitcoin has tested the $9,000 support level but has quickly corrected its price to stay around the $9,200 price mark.

With the leading crypto asset witnessing a decline in recent weeks, other altcoins have been influenced by this and have witnessed nothing less than a 5% drop rate. Ethereum, XRP, Litecoin, Bitcoin Cash, BNB, EOS, TRX, and XLM are a few of the coins that had witnessed more than the 5% drop mark. Ethereum has witnessed a price decline to test the $235 support level before going down again to test the $228 support level. XRO also saw its price go as low as $0.182 support level and went as low as $0.178 before it witnessed a little surge.

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Bitcoin currently under bearish threat

After witnessing a major price decline to trade a little bit under the $9,550 support level, Bitcoin witnessed a further price decline in price. It was not surprising when Bitcoin dismantled the downward support level set at $9,300 before going further to test the $9,200 support level. Presently, Bitcoin is undergoing price correction with the price aiming to go above the $9,200 mark. With the next upward resistance set at the $9,300 level with the next one slightly above at $9,350, a movement above those levels could mean that Bitcoin would retake the previous $9,550 resistance figure.

If the price should witness a further decline, it would have to first pass through the $9,300 resistance figure before going on to break the $9,150 support level. The main support of the leading digital asset has now been set at the $9,000 price mark. Following in the footsteps of Bitcoin, Ethereum also witnessed a price decline of more than 5%. Ethereum had its resistance level set at $235, and it has broken the resistance and is now in bearish waters. It further went as low as the $228 region before making a price increase to presently trading at $232. Going down, $228 and $225 are important buy zones while a bearish run should be expected of the price breaks below the $225 level.

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BCH, LTC, XRP, and other assets analysis

Looking critically at Bitcoin Cash, it failed to stay above the $240 support level and has made a price decline to test the $235 and $230 support level. Currently, BCH is trying at the $226 level but is making considerable progress on its way to reach the $230 level. On the upside view, BCH faces a big hurdle if it is going to break past the $235 level to reach the $240 level. Litecoin witnessed a trade below the $43 support level and went as low as the $42 and $42.20 level. If Litecoin is to make a surge in price, the $43 level might be a resistance while breaking below the $42 might push the price towards the $40 level.

XRP went below the $0.192 with steady moves towards the $0.185 support level before it witnessed a small surge around the $0.178 region. The price is currently making an upward movement to reach the $0.182 region with a strong obstacle set at $0.185. Apart from XRP, other coins that witnessed around an 8% decline in price include SEELE, BCD, STX, DGB, SC, ZEN, HEDG, LRC, ALGO, SNT, ONT, XVG, IOST, REP, CHZ, CRO, and ENJ.

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Ifaenyi Egede (Nigeria)

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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