Cryptocurrency market on July 8, according to cryptonew: Bitcoin price failed to cross the $ 35,000 resistance and started a new decline. BTC has broken the support area of $ 34,000. At 04:29 UTC it is below $ 33,500 and there is a risk of further dips.
Plus, most of the big altcoins also show some bearish signs. ETH failed to break above $ 2,400 and fell below $ 2,300. XRP also fell, trading below the USD 0.65 support.
After Bitcoin price struggled to cross the $ 35,000 mark, a bearish correction began. BTC has traded below the $ 34,000 region and has even broken the $ 33,500 mark. It is currently struggling to hold above the $ 33,000 and $ 33,200 support levels. A breakout and a closing price below $ 33,000 could trigger a bigger drop in the upcoming sessions.
If it rallies again, the price could face resistance near the $ 34,000 mark. Key resistance remains near the $ 35,000 mark.
Ethereum price also followed a similar pattern, beginning another decline from the $ 2,400 region. ETH trades under the support of $ 2,300. It is currently trading near the $ 2,250 mark. Any further losses could lead the price towards $ 2,200 or even $ 2,180.
On the downside, the price is encountering resistance near the $ 2,300 mark. The next major resistance is at $ 2,320, above which the price could test $ 2,400 in the short term.
The Binance Coin (BNB) rose to $ 340 before sellers showed up. The BNB corrected below $ 330 and is currently trading near $ 320. The first major support is near $ 312, below which the price could test the $ 300 support area.
Litecoin (LTC) failed to break above $ 140 and corrected down. LTC has traded below the $ 135 mark and is currently showing some bearish signs. If the bears stay active, it can drop to the $ 125 mark.
Dogecoin (DOGE) is gaining downward momentum below the $ 0.230 level. It even broke the $ 0.220 mark and could continue to decline. The next big support is near the $ 0.20 level, below which there is a possibility of falling to $ 0.218 in the short term.
The XRP price accelerates below the support of $ 0.650. The first major support is near the USD 0.620 level. In fact, if there is a break below $ 0.620, the bulls may struggle to keep the price above $ 0.600.
Several altcoins are up more than 5% including FLOW, STX, AXS, ICX, MANA, ENJ, ONE, SC, CHZ, THETA and SOL. Of these, FLOW rose over 35% and broke through $ 17.50.
Overall, Bitcoin price is correcting gains and trading near the $ 33,200 mark. If BTC drops below $ 33,000, there could be a bigger drop in the coming sessions. The next major support could be at $ 32,200.
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