Bitcoin Breaks Key Support, Ethereum and Altcoins Extend Losses
Bitcoin price extended its decline below the USD 58,000 support. BTC even broke the key USD 55,000 support level and declined towards USD 53,000. It is currently (05:30 UTC) recovering, but the bulls could struggle near USD 55,000 and USD 56,000.
Similarly, there were additional losses in most major altcoins. ETH broke the USD 1,750 support, but the bulls were active above USD 1,700. XRP/USD remained well bid above USD 0.420 and it recovered above USD 0.450.
Total market capitalization
After a clear break below USD 58,000, bitcoin price started following a bearish path. BTC even broke the USD 55,500 and USD 55,000 support levels. It traded close to USD 53,000 and a low is formed near USD 53,200. The price is now recovering losses and trading above the USD 54,000 level.
On the upside, the USD 55,000 level is an initial resistance. To start a steady recovery towards the USD 58,000 barrier, the price must settle above USD 55,000 and USD 55,500.
Ethereum price also extended its decline below the key USD 1,750 support zone. ETH tested USD 1,710 and it remained stable above USD 1,700. It is consolidating losses and it could correct higher towards the USD 1,785 and USD 1,800 resistance levels.
On the downside, the USD 1,710 and USD 1,700 levels are important buy zones. Any more losses could lead the price towards the USD 1,640 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) broke the USD 250 support and tested USD 240. BNB is now consolidating just below USD 250 and it might correct higher towards the USD 260 level. The first major resistance is now forming near the USD 265 level. If there are more losses, the price could dive to USD 225.
Cardano (ADA) is somehow holding the USD 1.00 support zone. If ADA fails to stay above USD 1.00, there could possibly be another 8%-10% decline in the near term. On the upside, there are many hurdles, starting with USD 1.050 and up to USD 1.120.
Litecoin (LTC) broke the USD 200 support level and it even spiked below USD 195. LTC is now trading below USD 200, but there are chances of a fresh increase. The main resistance above USD 200 and USD 205 is near the USD 220 level. Conversely, the price could extend losses towards the USD 172 support.
XRP price was stable, as the bulls were able to protect heavy losses below the USD 0.420 support level. The price is now recovering and trading above USD 0.450. A close above USD 0.465 could clear the path for a move towards the USD 0.500 resistance level.
Other altcoins market today
Several altcoins rallied today, including ORBS, SC, RVN, RSR, ONT, LUNA, XEM, and VET. Conversely, ONE, HOT, CHZ, HBAR, TFUEL, DOT, NPXS, and NEAR are down over 10%.
Overall, bitcoin price started another correction below USD 55,000. If BTC breaks USD 53,000, it could extend its decline towards the USD 50,000 support zone in the coming sessions.