Bitcoin and Ethereum Correct Gains, Altcoins Absorb Selling Pressure
Bitcoin price followed a bullish path above the USD 57,000 resistance. BTC even cleared the USD 58,000 resistance and traded close to USD 58,500. It is currently (04:30 UTC) correcting gains, with major supports near USD 57,000 and USD 56,500.
Similarly, most major altcoins gained bullish momentum. ETH broke the USD 1,800 resistance, but it failed to clear the USD 1,850 barrier. XRP/USD has accelerated and it might retest USD 0.600.
Total market capitalization
After a successful close above the USD 57,000 level, bitcoin price extended its upward move. BTC even pumped above the USD 58,000 resistance. However, there was no test of the USD 58,500 resistance zone. The price traded close to USD 58,400 before starting a downside correction.
It is now trading well below USD 58,000, with an immediate support at USD 57,000. The next key support is near the USD 56,500 level. On the upside, the USD 58,000 and USD 58,500 are major hurdles for more upsides in the near term.
Ethereum price also followed bitcoin and it cleared the USD 1,800 resistance zone. ETH traded close to the USD 1,850 resistance before correcting lower. It is trading below the USD 1,820 level, with an initial support at USD 1,780.
The first major support is now forming near the USD 1,750 level. On the upside, the USD 1,820 and USD 1,825 are immediate hurdles. The key resistance is now forming near the USD 1,850 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) settled above the USD 270 level and it even spiked above the USD 275 zone. It seems like BNB could struggle to gain momentum above the USD 278 and USD 280 resistance levels. If the bulls succeed, the price could rally towards the USD 300 level. On the downside, the USD 265 level is a decent support base.
Cardano (ADA) failed to gain momentum above the USD 1.220 pivot level. ADA is now consolidating gains near USD 1.200. On the downside, there is a crucial breakdown support forming near the USD 1.150 level, below which the bulls might lose control in the short-term.
Litecoin (LTC) once again failed to clear the USD 195 and USD 200 resistance levels. LTC is consolidating near USD 190 and it could correct lower towards the USD 182 and USD 180 levels. Conversely, a close above the USD 200 barrier is a must for a sustained upward move in the coming days.
XRP price accelerated above the USD 0.550 support on the M&A news and the bulls might aim for a bullish break above the USD 0.600 resistance. If there is a downside break below USD 0.550, the price may possibly decline towards the USD 0.500 support.
Other altcoins market today
Many altcoins gained over 10%, including HOT, DENT, CELO, ICX, OMG, COMP, ALGO, KLAY, HT, RUNE, FTM, and MATIC. Out of these, HOT is up by 38% and it cleared the USD 0.014 level.
Overall, bitcoin price is showing positive signs above USD 57,000 and USD 56,500. BTC might correct gains in the short-term, but there are chances of a move towards USD 58,800 or even USD 59,500.