Bitcoin and Ethereum Extend Correction, Altcoins Trim Gains
- Bitcoin price extended its downside correction below the USD 56,500 support.
- Ethereum declined sharply below USD 4,000, XRP is down over 10% and it tested USD 1.22.
- YFI and LEO are up by 8%-18%.
Bitcoin price failed to test the USD 60,000 level and started a downside correction. BTC broke the key USD 56,500 support level to move into a short-term bearish zone. It even dived towards USD 53,500 and it is currently (05:40 UTC) trading just below USD 55,000.
Similarly, most major altcoins saw a bearish wave. ETH started a major downside correction after trading to a new record high near USD 4,220. XRP/USD extended its decline below USD 1.50 and it is now consolidating above USD 1.40.
Total market capitalization
After another failure near USD 59,500, bitcoin price started a fresh decline. BTC broke the USD 57,000 and USD 56,500 support levels. The bears even pushed the price below USD 55,500. It tested the USD 53,500 level and it recently recovered higher. If there is a break above USD 55,000, the bulls might face resistance near USD 56,200 and USD 56,500.
If there is no upside break above USD 56,500, the price could start another decline. An initial support is at USD 54,600, below which the price could revisit USD 53,500.
Ethereum price extended its rally above the USD 4,120 resistance. ETH traded to a new all-time high near USD 4,220 before it started a major decline. ETH declined over USD 400 and it even broke the USD 3,750 support.
It is now recovering higher and trading above USD 3,800. On the upside, the USD 4,000 is a key breakout zone, above which the price might start a fresh increase.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) declined over USD 50 and it broke the USD 625 support. BNB tested the USD 600 support and it recovered sharply above USD 625. The first hurdle is near the USD 650 level, above which the price could rise towards the USD 685 resistance.
Litecoin (LTC) failed to stay above the USD 400 level. LTC is down over 10% and it broke the USD 380 support. It is now trading near the USD 350 support and it is consolidating in a range. If there is a fresh increase, the price could rise towards the USD 380 resistance.
Dogecoin (DOGE) is showing bearish signs and it is trading below the USD 0.500 support. If there are more losses, the price could revisit the USD 0.445 support zone. On the upside, a close above the USD 0.525 level is needed for a stronger increase in the coming sessions.
XRP price declined heavily after it broke the USD 1.50 support zone. It dropped over 10% and it even spiked below the USD 1.25 support. Recently, there was a sharp recovery above USD 1.40, but the price might struggle to continue higher above USD 1.445 and USD 1.45.
Other altcoins market today
Many altcoins declined over 10%, including BCD, ICX, OMG, EOS, CRO, ONT, ETC, QTUM, FTM, ATOM, DGB, TRX, AVAX, ZIL, SC, SUSHI, and MATIC. Conversely, YFI and LEO are the two best performers among the top 100 coins now, having increased by 8% and 18% respectively.
Overall, bitcoin price struggled to continue higher above USD 59,500. If BTC fails to move higher from the current levels, there is a risk of a larger downside correction in the near term.