Bitcoin, Ethereum And Altcoins Struggle to Recover
- Bitcoin price stayed above USD 55,500, but it is struggling to recover higher.
- Ethereum is facing hurdles near USD 2,020 and USD 2,050, XRP is trading well below USD 1.00.
- WRX outperformed and rallied around 30%, ONE is up 25%.
Bitcoin price extended its decline below the key USD 57,000 support level. BTC even broke the USD 56,200 support, but the bulls were active near USD 55,500. It is currently (04:30 UTC) consolidating above USD 56,000, and it is facing many hurdles near USD 57,000 and USD 57,200.
Similarly, most major altcoins are still in the red zone. ETH broke the USD 2,000 support before the bulls appeared near USD 1,940. XRP/USD is trimming gains and it is now trading near the USD 0.900 level.
Total market capitalization
After a clear break below USD 57,000, bitcoin price extended its decline. BTC even dived below USD 56,200, but the bulls were able to protect the key USD 55,500 support zone. The price is now recovering and trading above USD 56,000. An initial resistance is near the USD 57,000 level. The key resistance for a steady increase is now forming near the USD 57,200 level.
On the downside, the USD 56,000 level is a short-term support. The main support is now near USD 55,500, below which the bears might gain strength.
Ethereum price also followed bitcoin and it broke the key USD 2,000 support. ETH traded close to the USD 1,930 support and it is now correcting higher. There was a break above USD 1,980, but the bulls are facing many hurdles. The first key resistance is near USD 2,020, followed by USD 2,050.
On the downside, USD 1,950 and USD 1,940 are decent support levels. Any more losses might call for a drop below USD 1,900.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) recovered losses and it is back above the USD 380 level. BNB is testing the USD 395 resistance, but the key breakout zone is near USD 400. A successful close above USD 400 may possibly increase the chances of a fresh increase towards USD 425.
Cardano (ADA) tested the USD 1.150 support zone, where the bulls took a stand. ADA is rising and it could soon attempt an upside break above the USD 1.200 and USD 1.220 resistance levels. The next key resistance is near the USD 1.285 level.
Litecoin (LTC) trimmed most of its gains after it failed to clear the USD 245 resistance. LTC declined below the USD 225 support, but it found bids near USD 212. The price is now moving higher, but it must gain strength above USD 225 for a steady increase to USD 245.
XRP price topped near USD 1.10 before starting a downside correction. XRP broke the USD 1.000 support and it even tested USD 0.900. It is now consolidating above USD 0.900, with an immediate resistance at USD 0.945. The main resistance is now near the USD 1.000 level.
Other altcoins market today
Many altcoins declined over 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. Conversely, WRX was able to rally and it cleared the USD 4.50 level.
Overall, bitcoin price is showing a few bearish signs below USD 57,000 and USD 57,200. However, BTC could attempt a fresh increase unless there is a clear break below the USD 55,500 support.