A quick 3min read about today's crypto news!
Bitcoin price started a fresh decline below USD 58,500. BTC even broke the USD 57,500 support, and it is currently (12:04 PM UTC) consolidating losses. To start a fresh increase, it must clear USD 58,500 and USD 60,000.
Besides, most major altcoins are struggling to start a recovery wave. ETH traded below USD 4,250, but it is still well above USD 4,050. XRP bulls managed to protect a break below USD 1.00. ADA might attempt a recovery if there is a break above USD 1.88.
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After a clear break below USD 58,500, bitcoin price extended decline. BTC traded below the USD 57,500 support level to move further into a bearish zone. On the downside, an initial support is near USD 56,800. The next major support is near USD 55,500, below which there is a risk of a sharper decline.
On the upside, the USD 58,500 level is a key hurdle for the bulls. A close above USD 58,500 might send the price towards the USD 60,000 resistance zone.
Ethereum price declined below the USD 4,250 support level and it even tested USD 4,120. It is now consolidating losses, with an initial support near the USD 4,150 level. The next major support is near USD 4,120, below which the price could test USD 4,050.
On the upside, the price is facing resistance near the USD 4,250 level. The next major resistance is near USD 4,350, above which the price might start a steady increase.
Cardano (ADA) extended losses below USD 1.80, but downsides were limited. The price is now trading in a range and facing resistance near USD 1.825. It seems like there is a key breakout zone forming near the USD 1.88 level.
Binance coin (BNB) found support near the USD 560 level and there was no test of USD 550. It is currently recovering and trading above USD 570. If there is a clear break above USD 580, the price could test USD 600.
Solana (SOL) spiked above the USD 230 and USD 232 levels. However, there was no close above USD 232. The price is now correcting gains and trading near USD 220. Any more losses might call for a test of the USD 205 support.
SHIB found support above the USD 0.0000425 level. It is now correcting higher, with an immediate resistance near the USD 0.0000450 level. The next major resistance is USD 0.0000465 level, above which the price might rise towards the USD 0.0000480 level.
XRP price found support near USD 1.02 and it remained stable above USD 1.00. The price is now testing the USD 1.05 resistance. A clear close above USD 1.05 might send the price towards USD 1.12. If not, it could test the main support at USD 1.00.
A few altcoins are up over 5%, including EGLD, MIOTA, CRV, LRC, SCRT, STX, ZEC, VGX, CRO, FLOW, ICX, and ATOM. Out of these, EGLD gained 20% and surpassed the USD 480 level.
To sum up, bitcoin price is stable above USD 55,000 and USD 55,500. However, BTC must surpass USD 58,500 and USD 60,000 to start a fresh increase in the near term.