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Bitcoin, Ethereum and Altcoins Nosedive
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Bitcoin price failed to settle above the USD 58,500 resistance zone. BTC struggled to continue higher and started a sharp decline below USD 55,000, after stock markets in Asia and US stock futures all pointed lower on fears over a new variant of the coronavirus that is spreading in South Africa. It is currently (11:32 UTC) down almost 7% and traded to a new weekly low.
Similarly, most major altcoins are moving lower. ETH is down 8% and it even tested USD 4,000. XRP broke the key USD 1.00 support and declined 10%. ADA extended losses and tested the USD 1.50 support level.
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After facing hurdles near USD 59,500, bitcoin price started a fresh decline. There was a sharp bearish wave and the price declined over 5%. It
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