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Market Roundup: Bitcoin struggles around $10,000 in a bleak week for crypto

Photo of: Joseph Stone
by Joseph Stone

Last week we saw a sharp drop in the price of Bitcoin to below $11,000 and $10,500. The BTC even plunged briefly below USD 10,000. It currently stands at $10,181.

Most of the major altcoins are trading below the major supports, including Ethereum, XRP, Litecoin, Bitcoin Cash, EOS, ADA, TRX and XLM.

Only Binance coin (BNB) is doing well today and has gained over 10% to surpass the $22 resistance level. The ETH/USD pair started an upward correction from the low of $310, but is facing resistance near $350 and $360. The XRP is trading in a bearish zone below the key levels of 0.250 and 0.244 USD.

After a daily close at less than $10,500, the price of Bitcoin has mainly followed a downward trajectory. The BTC even broke the $10,000 support and tested $9,850. The price corrected upwards above $10,200 from $9,850 to $10,350 and $10,450, but the bulls face obstacles close to $10,350 and $10,450.

The main weekly resistance is now close to $10,500, beyond which the price could correct upward towards the resistance levels of $10,800 and $11,000. Alternatively, it could extend its decline below $10,000 and $9,850.

Ethereum’s price has dropped by more than $150 in the last few days and has even traded close to $300. A monthly low forms around $310 before the ETH rises above $330 and $340. However, the price has to stabilize above the $360 resistance to eventually approach the $400 resistance.

Ethereum has solid support close to the $325 level. The main support is close to $300, below which the price could accelerate downward to around $265.

The price of Bitcoin Cash has fallen sharply below the $250 support. BCH is now trading below $225, with immediate support at $215. Crucial support is $200, below which the price could plunge to $160. On the upside, a clear break above $250 is needed to initiate a strong recovery wave and should it be reached, it would probably get Bitcoin Cash out of trouble.

The LINK has recovered strongly from the $9,10 level and has climbed back above the $10,50 and $12,00 levels. However, the previous key support close to $13,40 is acting as a strong resistance. If the price fails to break through $13,40, it could start a new decline to $10,50. Conversely, it could perhaps return to $15 if bulls can break this resistance.

The price of XRP is trading in a bearish zone between $0.,44 and $0,240. Initial support is near the $0,232 level. The main support is near $0,228, below which the price could plunge to the $0,220 support level. On the upside, bulls could approach the $0,244 and $0,250 support levels.

Over the last three sessions, many altcoins have recovered more than 10%, including OCEAN, UMA, SUSHI, AMPL, STX, NXM, LINK, FXC, XEM, REN and BNB. Of these, OCEAN has been the best performer and increased by 30% surpassing the resistance of $0,385 USD.