Bitcoin and Altcoins Are Back to Square One

Bitcoin price failed to break the USD 7,000 resistance and declined sharply below USD 6,600. Ethereum, ripple, eos and bitcoin cash also fell and trimmed yesterday’s gains. The US SEC rejected bitcoin ETF’s applications, resulting in a bearish reaction.

Bitcoin buyers failed to gain momentum above the USD 6,900 level. Moreover, the US Securities and Exchange Commission (SEC) rejected bitcoin-based exchange traded fund (ETF) proposals. As a result, there was a bearish reaction and BTC/USD declined below the USD 6,600 and USD 6,500 support levels. Similarly, major altcoins like ethereum, bitcoin cash, eos and ripple also faced an increased selling pressure. Having said that, buyers were successful in defending key supports, which could later result in a fresh upward move.

Total market capitalization:

Bitcoin
Bitcoin price tumbled and tested the USD 6,250 level, which once again acted as a significant barrier for sellers. BTC/USD stayed above the USD 6,250 support and is currently trading with a few positive moves above USD 6,350 (UTC 08:00 AM).
If the price continues to move higher, it may perhaps face sellers near the USD 6,500 and USD 6,580 levels. On the downside, the USD 6,250 level is the most important support, below which, the price could trade towards USD 6,000.

Ethereum
Ethereum price declined sharply and broke the USD 285 and USD 270 support levels. ETH/USD tested the USD 260 support where buyers appeared. The price is currently consolidating losses above USD 270 and it could move above USD 280.
On the downside, a break and close below the USD 260 support is likely to open the doors for a test of USD 250.

Bitcoin cash and ripple
Bitcoin cash price settled below the USD 540 level and tested the USD 500 support zone. BCH/USD is currently down around 5% and it is currently trading near the USD 520 level. A push above the USD 540 level is needed for more gains in the near term.
Ripple price dropped heavily and revisited the USD 0.3050 support area. XRP/USD is down around 4% and it seems like the price may trade in a range for some time above USD 0.3100 before an upward move.

Other altcoins market today
The recent bearish reaction impacted small cap altcoins as well like cortex, MOAC, PIVX, EMC, NAS, ONT, WAN, ZEN and HSR (declined between 8-20%).

Overall, bitcoin is back to square one and if buyers need to push the price back in a positive zone, they have to push the price above the USD 6,500 – USD 6,600 resistance zone. If not, the price may continue to trade in a range above USD 6,250.

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