Bitcoin, Ethereum Consolidate above Support, Altcoins Remain Attractive
- Bitcoin price is trading above the USD 57,200 support level.
- Ethereum is stuck below USD 1,850, XRP settled above USD 0.500.
- ONE rallied over 50%, while SOL and THETA jumped more than 16%.
Bitcoin price failed to gain strength above the key USD 60,000 resistance zone and corrected lower. BTC traded below the USD 58,000 support, but it is currently (05:30 UTC) holding the USD 57,000 support. To start a fresh increase, the price must surpass USD 58,000 and USD 58,500.
Similarly, most major altcoins are holding major supports. ETH is consolidating above the USD 1,750 and USD 1,710 support levels. XRP/USD outperformed and it managed to settle above the USD 0.500 resistance. Besides, ADA is trading near the USD 1.200 support and it might climb to USD 0.135.
Total market capitalization
After another rejection near USD 60,000, bitcoin price started a downside correction. BTC broke the USD 58,500 and USD 58,000 support levels. The bulls are now defending the USD 57,200 support zone. If there is a downside break below USD 57,200 and USD 57,000, there are chances of more losses to USD 55,000.
On the upside, the first key resistance is near the USD 58,000 level. The main resistance is still near USD 60,000, above which the price might accelerate higher to a new all-time high.
Ethereum price is following a similar path to bitcoin and it also failed to clear the key USD 1,850 resistance. ETH is now consolidating above the USD 1,750 support. The main weekly support is still near USD 1,710. If there is a clear break below USD 1,710, the price might dive towards the USD 1,620 level.
Conversely, the bulls need to gain strength above USD 1,820 and USD 1,850 for a fresh move towards the USD 2,000 barrier in the near term.
BNB, ADA, litecoin, and XRP price
Binance coin (BNB) is holding gains above the USD 262 and USD 265 support levels. BNB might start a fresh increase above the USD 275 resistance level. The next major hurdle is near the USD 288 level. On the downside, the price might remain stable near USD 250.
Cardano (ADA) extended its decline towards the USD 1.150 level, but it recovered above USD 1.200. ADA is now consolidating near USD 1.200 and it might increase towards the USD 1.300 and USD 1.350 levels. Conversely, a break below USD 1.150 might lead the price towards USD 1.000.
Litecoin (LTC) is flirting with the USD 200 pivot level. A proper daily and weekly close above USD 205 is a must to kick-start a strong increase towards USD 225 and then to USD 240. On the downside, the USD 180 level is a decent support zone.
XRP price outperformed bitcoin and ethereum, with a proper break above the key USD 0.500 resistance. The price broke the USD 0.520 resistance before it faced sellers near USD 0.550. It is now consolidating above USD 0.510 and it might rise again towards USD 0.550.
Other altcoins market today
Several altcoins gained over 8%, including ONE, DENT, HNT, BTT, OCEAN, THETA, SOL, RSR, CHSB, CAKE, and HBAR. Out of these, ONE rallied over 50% and it cleared the USD 0.175 level.
Overall, bitcoin price is trading above the key support near USD 57,000. If BTC climbs above USD 58,500, it could make another attempt to surpass the USD 60,000 resistance.