Crypto markets July 16: Bitcoin, Ethereum and major altcoins are still dominated by bears

Cryptocurrency market on July 16, according to cryptonew: Bitcoin price has failed to hold above the USD 32,200 support area. BTC extended its decline and even traded below $ 31,550. It tested $ 31,150 and is currently attempting an upward correction (04:24 UTC).

Likewise, most of the major altcoins are traded in the red zone. ETH has settled below $ 2,000 but the bulls are defending $ 1,880. XRP could continue to fall if it closes below $ 0.600.

July 16 cryptocurrency market: Bitcoin price

After battling above $ 32,500, Bitcoin price started falling again. BTC fell below its recent price of $ 31,550. However, the downside is limited and the price remains above $ 31,150. It is currently correcting upwards and trading around $ 32,000. Immediate resistance is near the $ 32,200 mark. The key resistance remains near the $ 33,000 mark, above which price could gain momentum.

On the flip side, initial support is near the $ 31,500 mark. The first major support is at $ 31,150, below which bears can try to test $ 30,000.

Cryptocurrency Market July 16: Ethereum Price

Ethereum price continues to drop below the $ 2,000 support. ETH is even trading below $ 1,920, but the bulls are defending $ 1,880. The price is currently hovering over $ 1,950. However, the bulls could encounter strong selling interest near the $ 2,000 mark.

If the price doesn’t continue to rise, it could drop further below $ 1,900. The main support is near $ 1,880 and $ 1,865 below which the price can test $ 1,800.

Cryptocurrency market July 16: ADA, LTC, DOGE and XRP prices Giá

Cardano (ADA) is holding above the $ 1.22 level. Immediate resistance to the upside is near $ 1.25. A close above $ 1.25 could start a decent rally. The next major resistance is near the $ 1.30 level.

Litecoin (LTC) was able to hold out above the $ 125 support. LTC could rebound above $ 130 but could face strong resistance near the $ 132 mark. A suitable closing price above $ 132 could result in steady gains.

Dogecoin (DOGE) is widening its losses and could soon break the USD 0.188 support area. If there is a fraction below $ 0.188 and $ 0.180, a test of $ 0.165 is possible. The next big support is seen near the $ 0.150 level.

The XRP price is consolidating above the $ 0.600 level. Initial resistance is near the $ 0.632 level. The first major resistance is near the $ 0.650 level. Conversely, a breakthrough below the $ 0.600 zone is possible.

Cryptocurrency Market July 16: Another Altcoin Market Today

Several altcoins have rallied more than 5%, including XEM, BAKE, KSM, XLM, STX, BNB, and MKR. In contrast, TEL, RUNE, ENJ, MANA, FTT, CRO and HNT all decreased by more than 5%.

Overall, Bitcoin price is attempting an upward correction above $ 32,200. However, BTC needs to level off above $ 32,500 and $ 33,000 to continue rising in the short term.

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