Ethereum Gains Pace While Bitcoin and Altcoins Struggle
Bitcoin price is struggling to recover above the USD 55,000 pivot level. Ethereum returns to the USD 2,400 level, XRP is consolidating near USD 0.300. DGB and MKR are up over 18%.
After a failed attempt above USD 55,500, bitcoin price started a fresh decline. BTC broke the USD 55,000 support level and is currently (03:20 UTC) trading below USD 54,000. If there are more losses, the bears might even push the price below USD 53,200.
Most major altcoins are holding key supports. ETH performed well and it is now holding gains above USD 2,350. XRP/USD seems to be forming a support base above the USD 1.300 level.
Total market capitalization
In the past three sessions, bitcoin price remained in a bearish zone below USD 56,000. BTC even settled below the USD 55,000 level and it is struggling to stay above USD 54,000. If there is a downside break, the price could test USD 53,200. Any more losses may possibly open the doors for a drop towards the USD 52,000 level in the coming sessions.
On the upside, an initial resistance is near USD 55,000. The first key resistance for a decent recovery is now forming near the USD 55,500 level.
Ethereum price outpaced bitcoin and it gained pace above the USD 2,350 resistance. ETH even broke the USD 2,400 resistance and tested the USD 2,450 zone. It is now consolidating gains above USD 2,400, with a crucial support near the USD 2,350 level.
On the upside, the USD 2,450 level is an immediate resistance. The next key barrier is near the USD 2,500 level, above which the price could rally to a new all-time high.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) settled above the USD 525 and USD 530 levels. BNB is now consolidating near USD 550, with an immediate resistance at USD 565. The main resistance is near USD 580, above which the price could test USD 600.
Cardano (ADA) is once again stuck near the USD 1.200 and USD 1.220 levels. If the bulls come back, the price could start a fresh increase towards the USD 1.285 and USD 1.300 levels. Conversely, there is a risk of a drop towards the USD 1.050 support zone.
Dogecoin (DOGE) extended decline and it even failed to stay above the USD 0.300 level. DOGE is now testing the USD 0.280 support, below which it could test the USD 0.265 level. The next major support is near the USD 0.250 level. On the upside, a close above USD 0.320 is a must for a fresh increase.
XRP price is holding gains above the USD 1.300 support zone. If there is a fresh rise, the price could face hurdles near USD 1.365. The main breakout resistance is now forming near USD 1.400. If there is a downside break below USD 1.300, the price could test USD 1.160.
Other altcoins market today
A few altcoins gained over 8%, including DGB, MKR, SOL, UNI, MATIC, COMP, RSR, and BTMX. Out of these, DGB surged over 18% and it cleared the USD 0.16 level, before correcting lower.
Overall, bitcoin price is showing bearish signs below USD 55,000. It seems like BTC might continue to move down towards the USD 53,200 support or even USD 52,000.