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Bitcoin and Altcoins Turning Bearish

24 Jan Bitcoin and Altcoins Turning Bearish

Posted at 11:15h in Bitcoin News by

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In the past few sessions, bitcoin price saw an increase in selling pressure below USD 8,650. As a result, BTC/USD declined further and traded below the key USD 8,550 and USD 8,500 support levels. It seems like the price is likely to extend its decline towards USD 8,000 or USD 7,850 in the near term.

Moreover, most major altcoins are gaining bearish momentum, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is down close to 4% and it traded below the USD 160 support. XRP/USD also extended its decline towards the USD 0.220 and USD 0.218 support levels.

Total market capitalization

Bitcoin and Altcoins Turning Bearish 101
Source: www.tradingview.com

Bitcoin price

After settling below USD 8,650, bitcoin price failed to stay above the USD 8,500 support. BTC/USD declined nearly 3% and it tested the USD 8,250 support level. The price is currently (09:00 UTC) consolidating losses and it seems like it could decline further towards the USD 8,050 level. The next major support is near the USD…

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