Ethereum, Major Altcoins Drop Against Bitcoin
- Bitcoin price is showing bearish signs below the USD 50,000 resistance, but is outperforming top coins.
- Ethereum is down 5%, XRP is consolidating gains near USD 0.85.
- IOTX gained 14% and surpassed the USD 0.13 level.
Bitcoin price failed to clear the USD 50,000 resistance zone and corrected gains. BTC traded below the USD 49,000 support level. It is currently (04:26 UTC) showing bearish signs near USD 48,500 and is down over 2% in a day.
However, BTC is outperforming most major altcoins today as they’re down 3%-10%. Except for XRP that is unchanged in a day and is consolidating gains after a strong move above USD 0.90. ETH declined 5% and traded below the USD 4,200 level. ADA is sliding towards the USD 1.30 level.
Total market capitalization
After a close below USD 50,000, bitcoin price struggled to start a fresh increase. BTC even declined below USD 49,000, but the bulls protected USD 47,000. It is now trading near USD 48,500 and is facing resistance near the USD 49,500 zone. The main resistance is still near USD 50,000. A close above USD 49,500 and USD 50,000 might open the doors for more upsides. The next major resistance is near the USD 52,000 level.
An immediate support on the downside is near USD 47,800. The next major support is near the USD 47,000 level, below which the price could decline further.
Ethereum price started a fresh decline from the USD 4,400 resistance. ETH declined below the USD 4,250 and USD 4,200 support levels. On the downside, an initial support is near the USD 4,150 level. The next key support is near the USD 4,050 level, below which the bears might gain strength.
If there is a fresh increase, the price could face resistance near USD 4,250. A clear move above the USD 4,200 and USD 4,250 levels could set the pace for a steady increase.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) is down 5% and there was a break below the USD 1.32 support. The next key support is near the USD 1.30 level. A close below USD 1.30 may perhaps start a drop towards the USD 1.20 level.
Binance coin (BNB) failed to stay above USD 600 and started a fresh decline. There was a clear break below the USD 585 support. It is now trading below USD 580 and might slide towards USD 565, below which it could decline towards USD 550.
Solana (SOL) declined 6% and tested the USD 180 support level. Any more losses may perhaps push the price towards the USD 165 level. An initial hurdle is near USD 188, above which it could rise towards the USD 200 level.
SHIB is struggling to stay above the USD 0.0000355 level. A downside break might push the price towards the USD 0.0000320 level. Conversely, there could be a recovery wave towards the USD 0.0000365 zone. The next major resistance is near the USD 0.000038 level.
XRP price rallied above the USD 0.90 level before there was a sharp downside correction. The price is now consolidating gains near the USD 0.85 level. Any more losses may possibly call for a test of USD 0.820.
Other altcoins market today
Many altcoins are down over 5%, including XTZ, WAXP, UNI, 1INCH, AAVE, QTUM, OMG, ONE, RUNE, COMP, THETA, FTT, and FTM. Out of these, XTZ declined 11% and traded below USD 5.0. Meanwhile, OHM, CEL, and IOTX are now up 6%-14%.
Overall, bitcoin price is consolidating near the USD 48,000 level. If BTC breaks the USD 47,000 support, there could be an increase in selling pressure.