A quick 3min read about today's crypto news!
Bitcoin price attempted recovery wave above the USD 58,000 level. However, BTC failed to gain strength and struggled above USD 58,500. As a result, there was a fresh bearish reaction, and the price is currently (04:58 UTC) trading below USD 57,000.
Besides, most major altcoins are showing bearish signs. ETH is trading below USD 4,200 and it could continue to move down. XRP is still above USD 1.00, but it is facing a lot of hurdles. ADA is moving lower towards USD 1.80.
Total market capitalization
After struggling to clear the USD 58,500 level, bitcoin price started a fresh decline. BTC traded below the USD 57,500 and USD 57,000 support levels. On the downside, an initial support is near USD 56,200. The first major support is near USD 55,500, below which there is a risk of a decline below USD 55,000.
On the upside, the price might face resistance near USD 58,000. The first major hurdle is near the USD 58,500 level, above which the price could rise steadily.
Ethereum price failed to stay above USD 4,350 and trimmed gains. ETH traded below the USD 4,250 and USD 4,200 levels. It is now consolidating near USD 4,150 and there could be more losses towards USD 4,050. The main support is near USD 4,000, below which the bears could gain strength.
On the upside, the price might struggle to clear the USD 4,250 level. The first key resistance is near USD 4,350, above which the price might gain strength.
Cardano (ADA) struggled to surpass the USD 1.85 resistance zone. There was a fresh decline below the USD 1.82 level. The price is now approaching the USD 1.78 level. If the bears remain in action, the price could extend losses towards USD 1.70.
Binance coin (BNB) started a fresh decline below the USD 575 level. It is approaching the USD 550 support zone. Any more losses may perhaps open the doors for a move towards USD 520. On the upside, the bulls could struggle near USD 580.
Solana (SOL) is consolidating near the USD 220. An immediate resistance is near the USD 225 level. The main resistance is near USD 232, above which the price could rise steadily in the coming sessions.
SHIB is stuck near USD 0.000045 level. An immediate support is near the USD 0.0000432 level. The next major support is near the USD 0.0000425 level, below which the price could decline towards the USD 0.000040 level.
XRP price remained stable above the USD 1.00 support zone. It is now consolidating near the USD 1.05 level. If there is a bullish reaction, the price may possibly rise towards USD 1.12. The next key resistance is near the USD 1.15 level.
A few altcoins are up over 8%, including AMP, VGX, SAND, XDC, CRV, LRC, EGLD, MANA, ENJ, and ATOM. Out of these, SAND jumped by 31%, surpassing the USD 5.00 level, while EGLD moved above USD 510. Also, AMP gained 44% and surpassed the USD 0.07 level. Meanwhile, IOTX, KSM, and STX are down over 4%.
Overall, bitcoin price is struggling to recover above USD 58,500. If BTC extends losses below USD 55,500, there could be a sharper decline towards USD 52,000.