Volatility Jumps as Bitcoin, Ethereum & Altcoins Rebound
Bitcoin broke the USD 55,000 support, before rebounding again. Ethereum returned above USD 2,300, XRP is approaching the USD 1.360 level. WAVES and CAKE are up over 16%.
After struggling to clear the USD 56,000 and USD 56,500 levels, bitcoin price started a fresh decline. BTC broke the USD 55,000 support zone but it is currently (12:30 PM UTC) showing positive signs.
Most major altcoins were correcting gains before recovering again. ETH topped near the USD 2,350 level and declined below USD 2,300 before moving higher again. XRP/USD was also correcting gains but is now approaching the USD 1.360 level.
Total market capitalization
After a failed attempt near USD 56,000, bitcoin price started a fresh decline. BTC broke the USD 55,000 support zone to move into a bearish zone before approaching this level again. An immediate support is near the USD 54,400 level. The next key support is near USD 54,000, below which there is a risk of a drop towards the USD 53,200 level.
On the upside, an initial resistance is near USD 55,000. The first major resistance is now near USD 55,500, above which the price could test USD 56,500.
Ethereum price failed to gain pace above the USD 2,350 and USD 2,360 resistance levels. As a result, there was a downside correction and ETH declined below the USD 2,300 support, before rebounding sharply above the main resistance zone (USD 2,350).
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) spiked above the USD 600 level, but there was no test of the USD 620 resistance. BNB started a downside correction and traded below the USD 580 level. It was testing the USD 550 support, before returning above USD 580.
Cardano (ADA) struggled to settle above USD 1.250 and started a fresh decline. ADA broke the USD 1.220 support, but now it’s back above to USD 1.250 again.
Dogecoin (DOGE) is down over 20% and it is now trading near the USD 0.300 level. The next key support is near the USD 0.280 level, below which the price could test USD 0.250. On the upside, the USD 0.332 level is an immediate hurdle for the bulls.
XRP price failed to stay above the USD 1.32 support and was trading below USD 1.30, before moving to USD 1.35. The next key resistance is near the USD 1.360 level.
Other altcoins market today
A few altcoins climbed over 8%, including WAVES, CAKE, CELO, ZEN, XMR, EGLD, and BTMX. Out of these, WAVES surged 16% and it cleared the USD 15 level.
To sum up, bitcoin price is showing positive signs around the USD 55,000 level. If BTC slides below USD 54,000, there could be an extended decline towards USD 53,200 or even USD 52,000.