Bitcoin, Ethereum and Altcoins Correct Gains
Bitcoin price is consolidating gains around the USD 58,500 support level. Ethereum is trading in a range, XRP settled below USD 0.450 and it could extend losses. HOT and ONE rallied over 70%.
Bitcoin price rallied above the USD 60,000 resistance and traded to a new all-time high near USD 61,800 before correcting lower. BTC corrected below USD 60,000, fluctuating around the USD 58,500 level (05:30 UTC).
Besides, most major altcoins are consolidating. ETH is trading in a range above USD 1,850, with a major hurdle near USD 1,920. XRP/USD broke the key USD 0.450 support and it remains at a risk of more losses.
Total market capitalization
This past week, bitcoin price traded to a new all-time high near USD 61,800 before correcting gains. On the downside, there is a crucial support forming near the USD 58,500 and USD 58,000 levels. If there is daily close below USD 58,000, the price could drop to the next key support at USD 55,000.
On the upside, the USD 61,000 level is an initial resistance. The main weekly resistance is near USD 62,000, above which bitcoin could rally towards the USD 65,000 level.
Ethereum price retreated lower below USD 1,900. ETH tested the USD 1,850 support and it is currently trading in a range. To start a steady increase, the price must settle above the USD 1,900 and USD 1,920 levels. The main weekly resistance sits near USD 2,000.
If there is no upside break above USD 1,920, there could be an extended downside correction. In this case, the price could test USD 1,780.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is trading below the USD 265 support. If BNB slides further, it could test the USD 250 support. Conversely, it might clear the USD 275 resistance to climb higher towards the USD 292 and USD 295 resistance levels.
Cardano (ADA) failed to stay above 1.100 and it is showing a few bearish signs. ADA is testing the USD 1.050 support, below which it could revisit the USD 1.000 support zone. Any more losses might call for a drop towards USD 0.920. On the upside, the USD 1.100 and USD 1.120 levels are initial hurdles.
Litecoin (LTC) extended its rise above USD 212 and it even spiked above USD 220. LTC is now facing resistance near USD 225. If there is a clear break above USD 225, the price could rise towards the USD 245 and USD 250 levels. On the downside, the USD 200 level is a strong support.
XRP price is struggling and it is now trading below the USD 0.450 support. An initial support is near the USD 0.420 level. Any more losses might even push the price below USD 0.400. On the upside, the bulls might face a strong selling interest near USD 0.450 and USD 0.465.
Other altcoins market today
Several altcoins gained over 10%, including HOT, ONE, ENJ, HBAR, REEF, NPXS, MANA, OCEAN, ALGO, and VET. Out of these, HOT rallied 100% and it cleared the USD 0.009 level.
Overall, BTC could consolidate in the short-term, but it still might rise further above USD 62,000.