Bitcoin and Altcoins Start Recovering After Sharp Selloff

  • 09 December 2020, Wednesday, 10:06

After a clear break below the USD 18,500 support, bitcoin price extended its decline below the USD 18,000 level. BTC even spiked below the USD 17,800 level and tested the USD 17,650 support zone. Recently, there was a sharp recovery, and the price is currently (13:00 UTC) back above USD 18,200.

Similarly, there was a sharp decline and a recovery wave in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD spiked towards the USD 530 level before correcting above USD 550. XRP/USD traded close to USD 0.505 and it is now consolidating near USD 0.550.

Total market capitalization

Bitcoin price

There was a sharp bearish reaction in bitcoin price after it broke the USD 18,800 and USD 18,500 support levels. BTC even dived below USD 18,000 before the bulls took a stand near the USD 17,650 region. Recently, there was a sharp recovery wave above the USD 17,800 and USD 18,000 levels. The price even recovered above USD 18,200, but the previous major support at USD 18,500 may possibly act as a strong resistance for the bulls.

Ethereum price

Ethereum price followed bitcoin and it declined sharply below the USD 565 and USD 550 support levels. ETH traded close to the USD 525 support and bounced back above USD 550. The price is trading above USD 560, but it might face many hurdles near USD 575 and USD 580. On the downside, an initial support is near the USD 550 level. The next major support is near the USD 530 and USD 525 levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price spiked below the USD 260 level, but there was no test of the USD 250 support. BCH found support near the USD 255 level and it is back above USD 265. If there are more upsides, the previous key resistance at USD 275 and USD 280 could act as resistance. Conversely, the price might resume its decline towards the USD 255 and USD 250 levels. Litecoin (LTC) turned bearish below the USD 80.00 and USD 76.50 support levels. LTC even tested the USD 72.20 support before starting a strong recovery wave. The price is trading above USD 75.00, but the bears might remain active near USD 78.00 and USD 78.50. The main breakout resistance is now forming near the USD 80.00 level. XRP price declined heavily below the USD 0.5650 and USD 0.550 support levels. It even traded close to the USD 0.500 support level. However, the bulls managed to push the price back above USD 0.550. If there are more upsides, the price might face resistance near the USD 0.565 level.

Other altcoins market today

In the past few hours, a few altcoins declined over 5%, including SUSHI, ENJ, OMG, YFI, XTZ, UNI, ZEC, AAVE, KNC, and DASH. Conversely, XLM is attempting a strong upward move above the USD 0.158 resistance.

To sum up, bitcoin price is recovering above USD 18,000 and USD 18,200. However, BTC might face a strong selling interest near the USD 18,500 and USD 18,800 levels in the near term. __

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