Both the Bitcoin and the Altcoins declined sharply in today’s trading. The Altcoins like the Bitcoin cash, Stellar XLM, EOS and Tron TRX also felt the same downward pressure. The crypto currency reflected the weak trading the market cap shrank to $156 billion, a key support level. This altcoin and bitcoin recovered above the $162 billion mark.
The Bitcoin and Ethereum Under Selling Pressure
The bitcoin and altcoins were under pressure which brought the main coin of the market to below the $5400 mark. During the day, the Bitcoin even went past the key psychological support at $5000 to have an intraday low around the $4900 mark.
The Ethereum also fell dramatically as it dropped below the $158 mark and is falling below the $150 mark for support. It settled below the $150 mark as a new week low at $146 for today’s trading. Momentarily, it has rebounded back above $150 for the last 24 hours.
Analysts are now being wary about the price movement among the largest coins. They are questioning whether the recent movement is a result of a correction or if it is a reversal of the recent bullish trend.
The Altcoins Drop Lower
The altcoins are also experiencing the same downward pressure. The main coins that have had a major drop include the Bitcoin Cash, Stellar’s XLM, EOS, and Tron’s TRX.
The Bitcoin cash fell as close to the $260 support level before correcting higher, above the $270 support level. The next resistance level is at $295 mark.
EOS continues its losses with even more losses. The EOS broke close to the $4.65 support level before rebounding back close to the next resistance at $4.95. Stellar’s XLM declined steadily to $0.0975. The Tron’s TRX remained below $0.0250, breaking below $0.0240 support. It is however starting to correct higher before the rise will be tested when it reaches $0.0250.