Bitcoin Consolidates Below USD 50K, Ethereum, Altcoins Extend Decline
- Bitcoin price is showing bearish signs below USD 50,000.
- Ethereum is steady above USD 1,550, XRP might attempt a break above USD 0.465.
- ENJ rallied over 50% and it broke the USD 1.40 level.
Bitcoin price started a downside correction from the USD 52,500 zone. BTC settled below USD 50,000, but it remained stable above USD 48,000. It is currently (13:30 UTC) consolidating and it might climb back above USD 50,000.
Besides, most major altcoins are showing a few bearish signs. ETH traded below USD 1,550, but it found support near USD 1,525. XRP/USD is back above USD 0.450, but it must climb above USD 0.465 for upside continuation.
Total market capitalization
There was a downside break in bitcoin price below the USD 50,500 and USD 50,000 support levels. BTC extended its decline below USD 49,000 and tested USD 48,500. It is consolidating below USD 50,000 and it seems like the bulls might aim for a fresh increase above the USD 50,000 level.
If they fail, the price could decline towards the USD 48,500 level. The main support is near USD 48,000, below which the price could continue to decline towards the USD 46,500 level.
Ethereum price failed to stay above the USD 1,600 level and it extended its decline below USD 1,550. However, ETH remained well bid near USD 1,525 and it climbed above USD 1,550. The first major resistance is near USD 1,600, above which the price could revisit USD 1,650.
On the downside, the first major support is near the USD 1,525 zone. The main support is at USD 1,500. Any more losses might call for a move towards USD 1,450.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is down over 5% and it is trading well below USD 250. BNB even traded below USD 242 and it is slowly approaching the USD 232 support. The next major support is near the USD 225 level. To start a fresh increase, the bulls need to clear USD 250.
Cardano (ADA) is down 8% and the price is moving lower towards the USD 1.150 support zone. The next major support sits near the USD 1.120 level. On the upside, the previous support at USD 1.200 might act as a strong support in the near term.
Litecoin (LTC) is now trading well below USD 195 and testing the USD 185 level. If LTC settles below USD 185, there are chances of a drop towards the USD 175 level. On the upside, the USD 195 and USD 200 levels are important hurdles for the bulls.
XRP price is back above the USD 0.450 level and is slowly gaining bullish momentum. If the bulls remain in action, there are chances of a break above the USD 0.465 resistance. The next major resistance is near the USD 0.482 level.
Other altcoins market today
Several altcoins gained over 10%, including ENJ, CHZ, HBAR, MANA, ZKS, THETA, FLOW, IOST, BNT, ICX, EGLD, STX, and TFUEL. Out of these, ENJ is outperforming with strong gains above the USD 1.400 level.
To sum up, bitcoin price is consolidating below USD 50,000. A fresh close above USD 50,000 and USD 50,500 could open the doors for a move towards USD 52,500.