02 Mar 2021 · 2 min read

Bitcoin Struggles Near USD 50K, Ethereum and Altcoins Consolidate Gains

Bitcoin price struggled to clear USD 50,000 and corrected lower. Ethereum is consolidating well above USD 1,500, XRP is struggling to clear the USD 0.450 resistance. ENJ is gaining bullish momentum and it climbed above USD 0.800.

Bitcoin price recovered above USD 48,000 and it tested the USD 50,000 resistance. BTC is currently (12:30 UTC) consolidating above the USD 48,000 support zone. It might make another attempt to clear USD 50,000 as long as there is no close below USD 48,000.
Besides, most major altcoins are holding gains. ETH tested the USD 1,600 resistance and it is consolidating above USD 1,550. XRP/USD struggled to clear USD 0.450 and it is now correcting lower towards USD 0.425.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After testing the USD 50,000 zone, bitcoin price started a short-term downside correction. BTC declined below USD 49,200 and USD 49,000. However, it is holding gains above USD 48,400 and USD 48,000. If there is a clear break below USD 48,000, the bears might test USD 46,500.
On the upside, the USD 50,000 level is an immediate resistance zone. A clear break above the USD 50,000 level might increase the chances of a push towards the USD 52,000 hurdle.

Ethereum price

Ethereum price corrected lower from the USD 1,600 resistance zone. ETH declined below USD 1,580, but it is holding gains above USD 1,550. The next major support is near USD 1,520, followed by USD 1,500. Any more losses might call for a test of the USD 1,450 level.
On the upside, the price might face sellers near the USD 1,600 level. A daily close above USD 1,600 might increase the chances of a push towards the USD 1,650 and USD 1,665 levels.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) tested the USD 265 resistance before correcting lower. BNB is now flirting with the USD 250 level. If there are more downsides, the USD 242 level might act as a support. Conversely, the bulls might aim for a break above the USD 265 resistance.
Cardano (ADA) remained stable above the USD 1.200 support zone. It is showing positive signs and it could rise towards the USD 1.265 and USD 1.280 levels. The first major resistance is near the USD 1.300 level. If ADA fails to stay above USD 1.200, the next stop could be USD 1.150.
Litecoin (LTC) is trading above the USD 172 level and it is testing the USD 180 zone. An immediate resistance is near the USD 185 level, above which the bulls could possibly test the USD 200 resistance.
XRP price made an attempt to clear the USD 0.450 resistance before correcting lower. It tested the USD 0.432 support. The next major support is near the USD 0.425 level. On the upside, a close above USD 0.450 might trigger a sharp increase.

Other altcoins market today

Many altcoins climbed over 10%, including ENJ, FLOW, CRV, THETA, XEM, COMP, GRT, RUNE, SUSHI, SNX, BCH, MANA, LINK, and UNI. Out of these, ENJ rallied by almost 40%, hitting USD 0.866 and increasing its weekly gains to 58%.

To sum up, bitcoin price is holding gains above USD 48,000. BTC must gain strength for a break above USD 50,000 and USD 51,000. If not, it could resume its decline below USD 48,000.
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