Friday, June 2, 2023
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Bitcoin and Altcoins Face Rejection Near Important Hurdles

In the early Asian session, bitcoin price declined below the USD 11,400 level, but it found support near the USD 11,250 level. BTC started a fresh upward move and it broke the USD 11,500 resistance. However, on Friday morning (UTC time), the price faced a strong rejection near USD 11,550, resulting in a sharp decline towards USD 11,250 again.

Besides, most major altcoins are trading above key supports, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is holding the USD 370 level, with an immediate hurdle near USD 378. XRP/USD is stuck near USD 0.242 and it is now below the USD 0.250 pivot level. Bitcoin cash price is still in a bullish zone and trading above the USD 250 level.

Total market capitalization

Bitcoin price

Recently, bitcoin price failed to gain bullish momentum above the USD 11,550 resistance, and declined sharply. It broke the USD 11,350 support and retested the USD 11,250 support. It seems like the price is trading in a range between the USD 11,550 resistance and the USD 11,250 support.
A successful close above the USD 11,550 resistance may perhaps open the doors for a larger increase. The next major resistance is near USD 11,800, followed by USD 12,000. On the downside, the USD 11,300 is a short-term support, followed by USD 11,250.

Ethereum price

Ethereum price seems to be consolidating above the USD 370 level. On the upside, an initial resistance is near the USD 378 level. The main resistance is now forming near the USD 380 and USD 382 levels. The next key hurdle is near the USD 392 level.
If there is a downside break below the USD 370 level, there is a risk of a drop towards the main USD 365 support level in the near term.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price dropped more than bitcoin and ether, losing 2% of its value in a day. In the past 24 hours, BCH even tested the USD 265 resistance and it is now trading above USD 250. A clear close above the USD 260 resistance could open the doors for a push towards the USD 280 level in the coming sessions.
Chainlink (LINK) failed to correct above the USD 10.80 resistance level. The price is currently declining and it is trading near the USD 10.50 support. A downside break below the USD 10.50 support might spark a sharp decline towards the USD 10.20 support. On the upside, an initial resistance is near the USD 10.80 level. The main resistance is now forming near the USD 10.95 and USD 11.00 levels.
XRP price declined steadily and it settled well below the USD 0.250 pivot level. The price is now consolidating near the USD 0.242 support, below which it could test the USD 0.240 support or even USD 0.238. The key hurdle on the upside for the bulls is USD 0.248.

Other altcoins market today

In the past few hours, a few altcoins gained over 5%, including FIL, ABBC, STX, WAVES, TMTG, ZRX, OMG, and DGB. Conversely, AAVE, AR, NXM, CVT, NEAR, HEDG, and SNX are down more than 5%.

Overall, bitcoin price declined sharply after it failed to clear the USD 11,550 resistance. If BTC fails to gain strength, it could continue to move down below USD 11,300. The main support is still near USD 11,250 and USD 11,200.

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