The price of Bitcoin extended its decline below the key support level of $ 57,000. BTC even broke the support at $ 56,200, but the bulls were active near $ 55,500. It is currently consolidating (04:30 UTC) above $ 56,000 and facing many hurdles near $ 57,000 and $ 57,200.
Likewise, most of the major altcoins are still in the red zone. ETH broke $ 2,000 support before bulls appeared around $ 1,940. XRP / USD is reducing gains and is now trading near the $ 0.900 level.
Total market capitalization
After a clear break below $ 57,000, bitcoin price prolonged its decline. BTC even dipped below $ 56,200, but the bulls were able to protect the key support area of $ 55,500. The price is now recovering and trading above 56,000 USD. Initial resistance is near the $ 57,000 level. Key resistance for a steady rise is now forming near the $ 57,200 level.
On the downside, the $ 56,000 level is short-term support. Primary support is now near $ 55,500, below which bears could gain strength.
Ethereum price also tracked bitcoin and broke key $ 2,000 support. ETH has traded near the $ 1,930 support and is now correcting higher. There was a break above $ 1,980, but the bulls face a lot of hurdles. The first key resistance is near $ 2,020, followed by $ 2,050.
On the downside, $ 1,950 and $ 1,940 are decent support levels. Any further loss could cause it to drop below $ 1,900.
BNB, ADA, litecoin and XRP prices
Binance Coin (BNB) recovered from losses and is back above the $ 380 level. BNB is testing resistance at $ 395, but the key breakout area is near $ 400. A successful close above $ 400 can potentially increase the odds of a further rise to $ 425.
Cardano (ADA) tested the $ 1.150 support area, where the bulls took a position. The ADA is rising and may soon attempt a bullish breakout above the resistance levels of $ 1,200 and $ 1,220. The next key resistance is near the $ 1.285 level.
Litecoin (LTC) cut most of its gains after failing to clear resistance at $ 245. LTC fell below the $ 225 support, but found offers close to $ 212. Price is now moving higher, but needs to strengthen above $ 225 for a steady rise to $ 245.
XRP price broke past nearly $ 1.10 before entering a downward correction. XRP broke the $ 1,000 support and even tested $ 0.900. It is now consolidating above $ 0.900, with immediate resistance at $ 0.945. The main resistance is now near the $ 1,000 level.
The market for other altcoins today
Many altcoins have declined over 8% including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. Conversely, WRX managed to rally and cleared the $ 4.50 level.
Overall, the price of bitcoin is showing some bearish signs below $ 57,000 and $ 57,200. However, BTC could attempt a further rise unless there is a clear break below the $ 55,500 support.