After struggling to clear the USD 27,250 resistance, bitcoin price started a downside correction. BTC traded below the USD 26,800 and USD 26,500 support levels. It is currently (05:00 UTC) approaching USD 26,000, below which it could revisit USD 25,500.
Besides, there were swing moves in most major altcoins. ETH/USD traded close to USD 750 before correcting lower to USD 700. XRP/USD started a fresh decline and traded below the USD 0.240 support zone.
Total market capitalization
After another failed attempt near USD 27,250, bitcoin price started a downward move. BTC broke the USD 26,500 support level to move into a short-term bearish zone. It even traded below USD 26,200 and it seems to be struggling to stay above USD 26,000. If there are more losses, the bears might test the USD 25,500 level.
If there is a fresh increase, the previous support at USD 26,500 might act as a resistance. The main resistance on the upside seems to be forming near USD 27,000 and USD 27,250.
Ethereum price extended its rise towards the USD 750 level before starting a downside correction. ETH traded below the USD 720 and USD 718 support levels. It even spiked below USD 700. If there are more downsides, the bulls might remain active near the USD 685 and USD 680 levels in the near term.
On the upside, the USD 720 level may possibly act as a barrier once again. A close above USD 720 could open the doors for a fresh increase towards the USD 745 and USD 750 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price also corrected lower and traded below the USD 350 support level. BCH is approaching the USD 330 support level. If there is a close below USD 330, there is a risk of an extended decline towards the USD 312 and USD 310 levels. On the upside, the USD 350 level is an important pivot level.
Litecoin (LTC) is back below USD 130 and it is testing the USD 125 support. If there are more losses, the bears might test the USD 118 and USD 115 support levels. The next major support is near the USD 105 level. Conversely, a fresh increase may possibly face sellers near the USD 132 level.
XRP price failed to overcome selling pressure near USD 0.300. As a result, there was a fresh decline below USD 0.250. The price accelerated its decline after Coinbase said it will suspend XRP trading in January. The price is now approaching the USD 0.220 support, below which it could dive towards the USD 0.200 level.
Other altcoins market today
In the past few hours, a few altcoins gained over 5%, including DOT, ADA, BNB, CEL, CHSB, ICX, REP, and LUNA. Out of these, DOT surged above the USD 6.00 and USD 6.20 resistance levels.
Overall, bitcoin price is correcting gains below USD 26,500. If BTC settles below USD 26,000, there is a risk of a larger decline towards USD 25,500 or even USD 24,800 in the coming sessions.