Bitcoin Corrects Lower, Ethereum and Altcoins Accelerate
- Bitcoin price corrected lower, but it is holding the USD 45,000 support level.
- Ethereum traded to a new all-time high at USD 1,830, XRP might test USD 0.500.
- BNB broke the USD 100 resistance level and it gained over 50%.
Bitcoin price rallied to a new all-time high near USD 48,200 before starting a downside correction. BTC traded below the USD 47,000 level and it is currently (05:00 UTC) near USD 46,000. The next key support is at USD 45,000, below which there are chances of a larger downside correction.
Besides, most other major altcoins are gaining traction. ETH/USD traded to a new all-time high near USD 1,830 and it is consolidating gains. XRP/USD is rising again and it may soon test or clear USD 0.500.
Total market capitalization
After spiking above USD 48,000, bitcoin price started a downside correction. BTC traded below the USD 47,500 and USD 46,800 support levels. It even traded below USD 46,000, but the bulls were active near the USD 45,000 support. If there are more losses, the price might decline towards the USD 43,500 level.
On the upside, the price is facing a key resistance near the USD 47,000 level. A close above USD 47,000 could start a fresh increase towards the USD 48,000 and USD 48,200 levels.
Ethereum price remained well bid and it climbed above the USD 1,800 level. ETH traded to a new all-time high at USD 1,830 before correcting lower. It is trading near the USD 1,800 level. An initial support is near the USD 1,750 level, below which the price might test USD 1,710.
On the upside, the bulls are struggling near USD 1,820 and USD 1,830. A clear break above USD 1,830 could open the doors for a steady rise.
ADA, litecoin and XRP price
Cardano (ADA) is up over 10% and it is now trading well above the USD 0.750 resistance. It traded close to the USD 0.800 level and it is now consolidating gains. If it climbs again and clears the USD 0.800 resistance, the bulls might aim for another 10% rally in the near term. The next major stop could be at USD 0.880.
Litecoin (LTC) is gaining momentum above the USD 172 and USD 180 resistance levels. LTC is up 8% and it is now trading above USD 185. It seems like the price might clear the USD 188 level and continue higher. The next key resistance for the bulls may possibly be near the USD 200 level.
XRP price is gaining momentum above USD 0.465 level and it is trading above USD 0.472. If the price remains stable and gains pace above USD 0.488, there are chances of a break above the USD 0.500 resistance. On the downside, the USD 0.465 level is a decent support, followed by USD 0.450.
Other altcoins market today
Many altcoins rallied over 20%, including MATIC, CAKE, BNB, AVAX, OKB, EWT, FIL, LUNA, RSR, RVN, SNX, XVS, HT, ZIL, and EOS. Out of these, BNB rallied above the USD 110 level.
Overall, bitcoin price is correcting gains, but it might remain stable above USD 45,000. Meanwhile, there are chances of more upsides in ETH, ADA, EOS, LTC, and other major altcoins.