Bitcoin buyers failed to gain momentum above the USD 6,900 level. Moreover, the US Securities and Exchange Commission (SEC) rejected bitcoin-based exchange traded fund (ETF) proposals. As a result, there was a bearish reaction and BTC/USD declined below the USD 6,600 and USD 6,500 support levels. Similarly, major altcoins like ethereum, bitcoin cash, eos and ripple also faced an increased selling pressure. Having said that, buyers were successful in defending key supports, which could later result in a fresh upward move.
Total market capitalization:
Bitcoin price tumbled and tested the USD 6,250 level, which once again acted as a significant barrier for sellers. BTC/USD stayed above the USD 6,250 support and is currently trading with a few positive moves above USD 6,350 (UTC 08:00 AM).
If the price continues to move higher, it may perhaps face sellers near the USD 6,500 and USD 6,580 levels. On the downside, the USD 6,250 level is the most important support, below which, the price could trade towards USD 6,000.
Ethereum
Ethereum price declined sharply and broke the USD 285 and USD 270 support levels. ETH/USD tested the USD 260 support where buyers appeared. The price is currently consolidating losses above USD 270 and it could move above USD 280.
On the downside, a break and close below the USD 260 support is likely to open the doors for a test of USD 250.
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