Bitcoin Corrects After Hitting USD 55K, Ethereum And Altcoins Supported
Bitcoin price extended its rise above the USD 55,000 resistance zone. BTC even spiked above USD 55,000 before it started a downside correction. It is currently (05:30 UTC) holding gains above USD 53,000 and there are chances of a fresh increase above USD 54,500.
Similarly, most major altcoins are trading above key supports. ETH surged towards the USD 1,880 resistance level before there was a USD 100 dip. XRP/USD failed to test the USD 0.495 and USD 0.500 resistance levels.
Total market capitalization
There was an upside extension in bitcoin price above the USD 54,500 and USD 55,000 resistance levels. BTC even broke USD 55,500, but it failed to continue higher towards the USD 56,000 level. It started a downside correction and traded below the USD 55,000 level. However, the bulls are defending the USD 53,000 and USD 52,800 support levels.
If there is a fresh increase, the price might clear the USD 54,500 and USD 55,000 resistance levels. The next major resistance is near the USD 56,200 level.
Ethereum price also gained pace above the USD 1,800 resistance. ETH even cleared USD 1,850 and it tested the USD 1,880 zone. Recently, there was a downside correction below the USD 1,820 support. The bulls are now defending the USD 1,775 support. The next major support is near the USD 1,720 level.
On the upside, a fresh close above the USD 1,800 and USD 1,825 levels may possibly spark a move towards the USD 1,880 and USD 1,900 levels.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) started a strong increase above the USD 250 resistance. BNB surged over 10% and it even cleared the USD 275 resistance. The bulls attempted a break above USD 300, but they failed. As a result, there was a downside correction below USD 285, but the price is holding steady above USD 270.
Cardano (ADA) broke the USD 1.200 resistance and tested USD 1.220 before correcting lower. ADA is now testing the USD 1.150 support, below which it could test USD 1.115. On the upside, the USD 1.200 and USD 1.220 levels are important hurdles.
Litecoin (LTC) broke the USD 200 resistance, but there was no proper daily close above USD 200. LTC is now correcting below USD 200 and trading above USD 192. The next major support is near the USD 185 level, below which the bears might aim for a test of the USD 175 level.
XRP price failed to test the USD 0.495 and USD 0.500 resistance levels. The price is now declining and it seems like it could revisit the USD 0.450 support. Any more losses might put pressure on the bulls and the price could test USD 0.420.
Other altcoins market today
Several altcoins gained over 8%, including MATIC, AVAX, NPSX, RVN, KSM, NEAR, THETA, LUNA, CHZ, and CAKE. Out of these, MATIC rallied over 30% and it cleared the USD 0.280 level.
Overall, bitcoin price is correcting gains from well above USD 55,000. However, BTC might remain stable above USD 52,000 and it could even start a fresh increase in the near term.