Bitcoin price struggled to break through the $ 58,000 resistance zone. As a result, BTC reacted to the decline and traded below the support of $ 57,000. Currently (12:00 PM UTC) there are signs of new losses and it could fall below $ 56,000.
Likewise, most major altcoins are declining. ETH fell more than 5% and even surpassed the $ 2,000 level. XRP / USD surpassed around $ 1,100 and has retraced more than 12%.
Total market capitalization
After losing momentum above $ 58,000, the bitcoin price began another decline. BTC was trading below the support levels of $ 57,200 and $ 57,000. The next important support is near the $ 55,500 level, below which there is a risk of a sharp decline in the coming sessions to $ 52,000.
On the other hand, near-term resistance is around the $ 57,000 level. The main resistance is now forming around the levels of USD 57,000 and USD 57,200.
Ethereum price failed to break through the $ 2,120 resistance zone, which triggered a bearish reaction. ETH broke through the support levels of $ 2075 and $ 2050. The price even broke the $ 2,000 level and could test the $ 1,920 support area.
On the other hand, the price could face resistance around $ 2050. The main resistance remains near the $ 2,120 level, followed by $ 2,150.
BNB, ADA, litecoin and XRP price
Binance Coin (BNB) surpassed around $ 415 and began a major decline. BNB fell below the support levels of $ 385 and $ 380. It is now approaching the $ 350 support zone. Further losses could push the price towards the $ 332 level. On the other hand, the price can fluctuate between $ 380 and $ 382.
Cardano (ADA) cut all profits and traded below the $ 1,200 support level. The ADA even broke through $ 1.165 and is now trading around $ 1.150. Further losses could trigger a move towards the $ 1.050 level. On the other hand, the bulls could start fighting again around $ 1,200.
Litecoin (LTC) crashed around $ 245 and started another fall. LTC traded below the support of $ 225 and is now approaching $ 212. The next key support is at $ 205. Major support lies near the $ 200 level (the last key breakout zone).
XRP price has surpassed $ 1.10 and recently started a downward correction. It traded below the $ 1.02 and $ 1.00 support levels. If there are more losses, the bears are likely to target the test of the $ 0.925 level. Conversely, a new rally above the $ 1.02 level could occur.
Other altcoins market today
Many altcoins fell more than 10%, including STX, DENT, CRO, FTM, FIL, ONE, ANKR, TRX, SC, UMA, BTT, XLM, ATOM, KSM, AAVE, and DOT. BTG and QTUM are still in the green zone, but are also reducing their strong positions.
To summarize, it looks like Bitcoin lost momentum above $ 58,000 and reacted to the downside. If BTC falls below $ 55,500, it could lead to a steady decline.