Bitcoin, Ethereum and Altcoins Recovering, Liquidations Hit USD 3.7B
Bitcoin price declined 20% and even broke the USD 48,500 support. Ethereum tested the USD 3,500 support zone, XRP is now trading well below USD 1.40. EOS, LTC, BCH and other major coins are down around 20%.
Bitcoin price topped near the USD 58,000 level before starting a major decline. BTC’s selloff was triggered by the Tesla news. The price dropped sharply and is currently (05:00 UTC) correcting losses.
Similarly, most major altcoins declined heavily. ETH broke the USD 4,000 support zone and it even tested the USD 3,500 level. XRP/USD also spiked sharply below the USD 1.40 and USD 1.30 support levels.
Meanwhile, total liquidations in the crypto derivatives market surpassed USD 3.7bn (342,601 traders “were liquidated”) in the past 24 hours, per Bybt.com data. BTC is responsible for USD 1.95bn, while ETH liquidations reached almost USD 636m.
Total market capitalization
After struggling near USD 58,000, bitcoin price started a fresh decline. BTC declined heavily below the USD 55,000 support level. It even broke the USD 50,000 support level and traded close to the USD 46,000 zone. The price is now recovering and trading above the USD 48,500 level.
A successful close above the USD 51,200 level and a follow up move above USD 52,000 could open the doors for a steady increase. If not, the price might resume its decline below USD 48,500.
Ethereum price also followed bitcoin and it declined over USD 500. ETH declined sharply below the USD 4,000 and USD 3,800 support levels. It even tested the USD 3,500 level before starting a recovery.
The price traded above the USD 3,900 level. However, the bulls need a proper close above USD 4,000 and USD 4,080 to gain strength in the near term. If they struggle, the price could resume its decline below USD 3,850. The next key support is near the USD 3,680 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) broke many important supports near USD 625 and USD 600. BNB even spiked close to the USD 550 level before it recovered. It is now back above USD 600, but it might face resistance near the USD 625 level. On the downside, the USD 580 level is a decent support, followed by USD 550.
Litecoin (LTC) declined over USD 50 and it broke many supports near USD 350. LTC even tested the USD 300 support level before starting an upside correction. The price is now trading above the USD 320 level. However, the previous support near USD 345 and USD 350 may possibly stop upsides in the near term.
Dogecoin (DOGE) extended its decline below the USD 0.420 and USD 0.400 support levels. It even tested the USD 0.355 support zone. The price is back above USD 0.420, but the bulls might face hurdles near USD 0.468 and USD 0.485.
XRP price declined sharply below the USD 1.445 and USD 1.400 support levels. It is now consolidating losses near USD 1.340, with an immediate resistance at USD 1.368. The main resistance on the upside is now forming near the USD 1.40 level.
Other altcoins market today
Many altcoins declined over 15%, including SHIB, BCD, TEL, EOS, BTG, QTUM, ETC, ICP, BSV, BCH, SC, CAKE, FIL, TRX, VET, and XEM. Conversely, NANO and AAVE gained over 15%.
Overall, bitcoin price is attempting a decent recovery after a massive selloff below USD 50,000. However, BTC must settle above USD 52,000 to continue higher.