A quick 3min read about today's crypto news!
Bitcoin price managed to extend gains above the USD 58,500 resistance zone. BTC even cleared the USD 59,000 level, but there was no break above USD 60,000. It is currently (04:45 UTC) consolidating, trading above the USD 57,500 support, and is up almost 1% in a day.
Besides, most major altcoins are moving higher. ETH is up 3% and there was a break above the USD 4,400 level. XRP is still struggling to clear the USD 1.05 resistance. ADA is consolidating above the USD 1.62 support level.
Total market capitalization
After a close above USD 57,500, bitcoin price managed to extend recovery. BTC was able to clear the USD 59,000 level, but there was no test of USD 60,000. The price is now correcting lower and trading below USD 58,000. On the downside, an initial support is near USD 57,800. The next major support is near USD 57,500, below which the price could decline towards the USD 56,000 support.
On the upside, the price is facing resistance near USD 58,800. The next major resistance is near USD 59,500, above which the price could test USD 60,000.
Ethereum price gained pace for a move above the USD 4,400 and USD 4,500 levels. ETH tested USD 4,550 before it started a downside correction. It is now consolidating near USD 4,400. A fresh increase above USD 4,500 could lift the market sentiment in the near term.
If there is a downside correction, the price might find support near USD 4,400. The next major support is near USD 4,350, below which the price could decline steadily.
Cardano (ADA) is trading in a bearish zone below the USD 1.70 level. It is now consolidating above USD 1.62, below which there is a risk of more losses. Conversely, there could be a recovery wave towards the USD 1.72 level.
Binance coin (BNB) is up 3% and broke the USD 650 level, before correcting lower. If the bulls remain in action, there are chances of a move towards the USD 660 level.
Solana (SOL) is struggling to stay above the USD 200 support zone. A downside break below USD 200 may perhaps increase pressure on the bulls. The next major support is near the USD 185 level.
SHIB is stuck near the USD 0.000040 level. A close below the USD 0.000040 level may perhaps increase selling pressure. The next major support is USD 0.000038, below which the price could slide towards the USD 0.000035 level.
XRP price is consolidating above USD 1.00 support zone. It is facing a major resistance near the USD 1.05 level. A close above USD 1.05 might lead the price towards the USD 1.12 level. If not, it could dive below the USD 1.00 level.
Many altcoins are up over 10%, including BAT, GALA, LPT, SC, RUNE, KCS, FIL, OKB, KDA, LUNA, ZEC, IMX, and ICP. Out of these, BAT gained 48% and surpassed the USD 1.75 level. The token is the best performing cryptoasset among the top 100 coins by market capitalization. Meanwhile, CRO is the worst performer today, having dropped by 10% and trading near USD 0.75.
Overall, bitcoin price is trying to move higher towards the USD 60,000 level. If BTC gains pace above USD 59,500, it could accelerate higher in the near term.