08 Dec 2021 · 2 min read

Bitcoin and Ethereum Take a Pause, BTT and XTZ Rally

  • Bitcoin price is struggling to clear the USD 52,000 resistance.
  • Ethereum struggled above 4,400, XRP is consolidating above USD 0.80.
  • BTT extended its rally by 26%, while XTZ jumped 32% in a day.

Yesterday, bitcoin price started a steady recovery wave above the USD 50,000 level. BTC even cleared the USD 50,500 and USD 51,200 resistance levels. It is currently (04:28 UTC) facing resistance near USD 50,500 and might move lower.

Besides, most major altcoins are losing steam. ETH topped near USD 4,420 and is currently correcting gains. XRP failed to clear USD 0.85, but it is still above USD 0.80. ADA is down 6% and broke the USD 1.38 support.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a steady increase, bitcoin price managed to clear the USD 50,000 resistance. BTC even cleared the USD 51,200 level, but it faced a strong resistance near the USD 52,000 level. The price is moving lower and trading below USD 50,500. An immediate support is near USD 50,000. The next major support is near the USD 49,500 level, below which the price could test USD 48,000.

On the upside, the bulls need to gain strength for a move above USD 51,800 and USD 52,000. The next major resistance is near USD 53,200.

Ethereum price

Ethereum price also followed a bullish path above the USD 4,250 and USD 4,320 resistance levels. It even surpassed USD 4,350 but failed to accelerate above USD 4,400. It topped near USD 4,420 and started a downside correction.

On the downside, an initial support is near the USD 4,300 level. The next key support is now forming near the USD 4,250 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) rallied above the USD 1.35 and USD 1.40 resistance levels. It even spiked towards the USD 1.50 levels, where the bears appeared. ADA trimmed gains and traded below USD 1.40. The next major support is near USD 1.32.

Binance coin (BNB) climbed above the USD 590 level, but it failed to test USD 600. It is moving lower and trading below USD 580. If there are more losses, the price could even test USD 565.

Solana (SOL) failed to settle above the USD 200 level and corrected gains. It is trading below USD 195 and approaching the USD 185 support. Any more downsides could lead the price towards the USD 178 level.

SHIB faced sellers near the USD 0.0000388 level. It is correcting gains and trading near the USD 0.0000365 level. If the bears remain in action, the price could test the USD 0.000035 zone. The next major support is near the USD 0.0000335 level.

XRP price struggled to clear the USD 0.850 resistance zone. It is moving lower towards the key USD 0.800 support. If the bulls fail to protect USD 0.800, the price may perhaps decline towards USD 0.780.

Other altcoins market today

Many altcoins are still up over 5%, including XTZ, BTT, CRV, LINK, AXS, FIL, XEM, BSV, QTUM, OMG, IMX, TRX, and ICP. Out of these, XTZ rallied 32% and cleared the USD 5.5 level, while BTT moved above USD 0.00408 and is now up by 26% in a day, increasing its weekly gains to 30%.

Overall, bitcoin price is consolidating above the USD 50,000 level. If BTC remains stable above USD 50,000 and USD 49,500, it could start a fresh increase in the near term.

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