Bitcoin Keeps Outperforming As Crypto Market Ruled By Bears

Bitcoin Keeps Outperforming As Crypto Market Ruled By Bears

Bitcoin price extended its decline and it broke the USD 30,000 support zone. BTC broke the USD 29,500 level and it remains at a risk of more downsides. It is currently (12:11 UTC) trading well below USD 30,000 and it might continue to move down towards USD 28,000.

However, BTC is still among the best performers today, as other cryptoassets dropped more.

Most major altcoins are trading in a bearish zone. ETH is down almost 6% and it traded close to USD 1,700. XRP is gaining bearish momentum below USD 0.550 and it could test USD 0.500.

Total market capitalization


Bitcoin price

After a clear break below USD 31,000, bitcoin price accelerated lower. BTC broke the main USD 30,000 support level. It even tested USD 29,200 and it is now consolidating losses. If there are more downsides below USD 29,200 and USD 29,000, the price might even test the USD 28,000 support zone.If there is a recovery wave, an immediate resistance on the upside is near the USD 30,000 level. The first major resistance is now near USD 30,200, above which the price could test USD 31,000.

Ethereum price

Ethereum price accelerated lower below the USD 1,880 support level. ETH even traded below USD 1,800 and it almost tested USD 1,700. If the bears remain in action, the price might test the USD 1,650 support level in the near term.On the upside, the price might face resistance near USD 1,780. The first major resistance is near the USD 1,800 level, where the bulls might face many hurdles.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) started a steady decline below the USD 1.20 support. ADA even broke the USD 1.10 support and tested USD 1.02. The main support is near the USD 1.00 level, below which there could be a strong sell-off. On the upside, the USD 1.10 is a decent breakout zone.Litecoin (LTC) is moving lower and it is now trading well below USD 112. The main support is near the USD 100 level. If there is a downside break below the USD 100 support, the price might even test the USD 92 level.Dogecoin (DOGE) gained bearish momentum below USD 0.180 and it even spiked below USD 0.165. The next key support sits near USD 0.150, where the bulls might take a stand. Any more losses may possibly open the doors for a move towards the USD 0.10 level.XRP price settled below the USD 0.55 level and it even tested the USD 0.52 support. The key breakdown support is near USD 0.50, below which there could be another decline in the near term.

Other altcoins market today

Many altcoins declined over 10%, including QNT, RUNE, MDX, XEM, TFUEL, DCR, MATIC, ENJ, KSM, THETA, SC, MANA, ZIL, and STX. Out of these, QNT is down around 15% and it broke USD 60.

To sum up, bitcoin price is showing bearish signs below USD 30,000. If BTC breaks USD 29,200, there could be a steady decline towards USD 28,000._____

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Bitcoin Keeps Outperforming As Crypto Market Ruled By Bears 102

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