Bitcoin Finds Support Near USD 55K, Ethereum Consolidates Losses
- Bitcoin price is down over 5% and it tested the USD 55,000 support zone.
- Ethereum broke the USD 1,800 support, XRP declined further towards the USD 0.422 support.
- ONE extended its rally above USD 0.100, HOT jumps by 56%.
Bitcoin price failed to stay above USD 60,000 and started a downside correction. BTC declined below many supports near USD 58,000 before it found support near USD 55,000. It is currently (12:30 UTC) recovering, but the bulls might struggle near USD 58,000.
Similarly, most major altcoins started a corrective decrease. ETH is down 5% and it even broke the USD 1,800 support zone. XRP/USD is trading well below USD 0.450 and it even tested the USD 0.422 support.
Total market capitalization
In the past two sessions, bitcoin price failed to extend gains above USD 61,000, resulting in a short-term bearish reaction. BTC broke the USD 58,500 and USD 58,000 support levels. It declined almost 8% and there was also a spike below the key USD 55,000 support zone.
However, the price bounced back above USD 55,000 and it is seemingly recovering. An immediate resistance is near the USD 57,200 level. The key hurdle could be USD 58,000 (the recent breakdown zone).
Ethereum price also followed bitcoin and declined over 5%. ETH traded below the USD 1,850 and USD 1,800 support levels. It tested the USD 1,750 support zone and it is now consolidating losses. An immediate resistance is near USD 1,800, but the key hurdle is now forming near USD 1,850.
On the downside, the USD 1,750 level is a decent support. Any more losses could possibly open the doors for a move below the USD 1,700 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) broke the USD 265 support and it even tested the USD 250 support. BNB is consolidating above USD 250 and it could correct higher. The previous support near USD 265 might act as a breakout zone. Conversely, a break below USD 250 could lead the price towards USD 220.
Cardano (ADA) is now trading well below USD 1.050 and it even tested the USD 1.000 support. It seems like the price might struggle to recover above USD 1.050 in the short term. As a result, there are chances of a downside break below the USD 1.000 support.
Litecoin (LTC) trimmed gains below the USD 220 and USD 212 levels. LTC even tested the USD 200 support zone and it is now consolidating losses. If there is a fresh increase, the USD 220 level might prevent gains. On the downside, the USD 200 level holds a lot of importance in the near term.
XRP price extended its decline below the USD 0.435 support level. It tested the USD 0.422 support and it is now correcting higher. To start a strong increase, the price must gain strength above USD 0.445 and USD 0.450.
Other altcoins market today
Many altcoins declined over 8%, including ZEN, NPXS, NEAR, DGB, BAT, ETC, BSV, BCH, AVAX, ZIL, DOGE, CRO, and MANA. Conversely, ONE, HOT, ENJO, and ALGO are up in double-digits.
To sum up, bitcoin price is correcting gains, but it stayed above the USD 55,000 support level. It seems like BTC could consolidate before it could attempt a fresh increase above USD 58,000.