Bitcoin, Ethereum and Altcoins Recover, Key Resistance Intact
Bitcoin price declined towards USD 43,000 before returning above USD 46,000. Ethereum tested USD 1,300 and recovered above USD 1,400, XRP is consolidating above USD 0.400. RVN, MATIC, and XVS gained over 25%.
Bitcoin price followed a bearish path below USD 50,000 and USD 48,000. BTC even broke the USD 45,000 support zone and traded close to USD 43,000. It is currently (05:30 UTC) recovering above USD 46,000, but there are many important hurdles near USD 48,000 and USD 50,000.
Similarly, most major altcoins corrected lower. ETH tested the USD 1,300 zone and climbed above USD 1,400, but the bulls might struggle near USD 1,500. XRP/USD spiked below USD 0.405 and it might face a strong selling interest near USD 0.450.
Total market capitalization
After a close below USD 50,000, bitcoin price extended its decline below the USD 48,000 support. The bulls even failed to protect USD 45,000 and there was a drop towards USD 43,000. BTC is now recovering losses and trading above USD 46,000. An initial resistance is near the USD 47,000 and USD 48,000 levels. The main weekly resistance is now forming near USD 50,000.
On the downside, the USD 45,000 zone is a decent support. A daily close below USD 45,000 could lead the price towards the USD 42,000 and USD 40,000 support levels.
Ethereum price also followed a similar path to bitcoin and declined below the USD 1,500 support. ETH even traded below USD 1,400 and recently tested USD 1,300. The price is now recovering and trading above the USD 1,400 level. However, the bears might take a stand near USD 1,500 and USD 1,550.
If the price fails to recover above USD 1,500, there is a risk of more losses. The first major support is near USD 1,320 and USD 1,300, below which the price could test USD 1,200.
BNB, litecoin, and XRP price
Binance Coin (BNB) remained strong above the USD 195 and USD 200 support levels. BNB is back above USD 220 and it might attempt an upside break above USD 232 and USD 235. The next key weekly resistance is near the USD 250 level. On the downside, the USD 200 zone is a major breakdown zone.
Litecoin (LTC) extended its decline below the USD 165 support and it traded close to USD 150. LTC is now recovering and trading above USD 165. If there is a clear break above the USD 172 resistance, there could be a strong increase towards the USD 180 and USD 185 levels.
XRP price declined heavily after it broke the USD 0.500 support zone. The price even dived below USD 0.420 before correcting higher. It is now trading near USD 0.420, with an immediate resistance at USD 0.435. The next major resistance is at USD 0.450. If there is a fresh decline, the bulls might defend the USD 0.400 support.
Other altcoins market today
Many altcoins gained over 10%, including RVN, MATIC, XVS, CAKE, SOL, AAVE, ENJ, FTM, MKR, HOT, RSR, BAT, NEAR, XEM, TFUEL, COMP, and RUNE. Out of these, RVN surged 35% and surpassed USD 0.150.
Overall, bitcoin price is trading in a bearish zone below USD 48,000 and USD 50,000. As long as there is no close above USD 50,000, BTC might decline towards USD 42,000 or USD 40,000.