Bitcoin and Ethereum Hold Support, Altcoins Consolidate
- Bitcoin tested the USD 47,500 support zone and moved back towards USD 49,000.
- Ethereum tested USD 4,000 and recovered, XRP stuck near USD 0.85.
- CEL gained 13% and reached the USD 3.95 level.
Bitcoin price started a fresh decline below the USD 48,500 support. BTC even traded below USD 48,000, but it remained stable above USD 47,500. It is currently (12:18 PM UTC) recovering, but there are many hurdles near USD 49,500 and USD 50,000.
Similarly, most major altcoins are trying to recover too. ETH dived towards the USD 4,000 level, where the bulls appeared. XRP declined below USD 0.85 before moving back. ADA remains at a risk of more losses below USD 0.80.
Total market capitalization
Bitcoin price
After a downside break below USD 48,500, bitcoin price extended decline. BTC even tested the USD 47,500 zone. It is recovering higher and is nearing the USD 49,000 level. An initial resistance is near the USD 49,500 zone. The main resistance is still near USD 50,000. A clear move above USD 50,000 could send the price further higher.
An immediate support on the downside is near USD 47,800. The next major support is now forming near the USD 47,500 level, below which the price could test USD 46,200.
Ethereum price
Ethereum price extended decline below the USD 4,200 support. ETH even traded below the USD 4,120 support and tested USD 4,000. It is now recovering losses and trading near USD 4,200, which is the key breakout resistance.
On the downside, an initial support is near the USD 4,050 level. The next key support is near the USD 4,000 level, below which the price could decline further.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) is trying to move higher above the USD 1.30 level. However, if there is a close below USD 1.30, the price could continue to move down. The next key support is near the USD 1.265 level.
Binance coin (BNB) tested the USD 565 support zone and is currently recovering. The bulls are attempting an upside break above the USD 585 level. If they succeed, the price could move towards the USD 600 level.
Solana (SOL) extended decline below the USD 180 support level before also recovering. The next key support is near the USD 172 level. Any more losses may perhaps push the price towards the USD 165 level. If not, the price could recover towards the USD 192 level.
SHIB is consolidating above the USD 0.0000350 level. A downside break below this level could send the price towards USD 0.0000320. If not, the price could start a steady increase towards the USD 0.0000365 zone or even USD 0.000038.
XRP price started a downside correction below the USD 0.865 and USD 0.850 levels before moving back again. The next major support is near the USD 0.820 level. Any more losses may possibly call for a move towards USD 0.820.
Other altcoins market today
Many altcoins are down over 5%, including WAXP, XTZ, VGX, MANA, OKB, GALA, SAND, XDC, GRT, AAVE, and TFUEL. Out of these, XTZ declined 10%, dropping below USD 4.80. Meanwhile, CEL rallied 13%, trimming its weekly losses to 3% and nearing USD 4.00. At the same time, NEAR and OHM are up by 6% and 11% respectively.
To sum up, bitcoin price is recovering and trading near USD 49,000. However, BTC must surpass the USD 49,500 and USD 50,000 levels to start a steady increase.
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