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The total crypto market cap declined further and broke the $280.0B support area.Bitcoin price is down more than 6% and it recently traded below the $10,800 support.Litecoin (LTC) price is holding the key $85.00 support area and is trading in a range.BCH price performed nicely and jumped more than 5% to break the $340 resistance.Tron (TRX) price is grinding lower towards the $0.0200 support level.Cardano (ADA) price is currently recovering above the $0.0525 resistance level.The crypto market cap and bitcoin (BTC) are extending losses below key supports. Looking at the total cryptocurrency market cap 4-hours chart, there were further losses below the $300.0B level. The market cap even broke the $285.0B and $280.0B support levels, dragged by bitcoin’s slide. It seems like this week’s followed declining channel is acting as a strong catalyst for the bears. If the channel remains intact, there is a risk of more losses below the $275.0B and $270.0B support levels. More importantly, if bitcoin continues to decline, there is a risk of a sharp drop in Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, ICX, XLM and other altcoins in the near term.
Author: Aayush Jindal
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