Bitcoin price continued to decline below the key support level of $ 57,000. BTC even broke through the $ 56,200 support, but the bulls were active around $ 55,500. It is currently consolidating above $ 56,000 (04:30 UTC) and is facing many obstacles around $ 57,000 and $ 57,200.
Likewise, most of the major altcoins are still in the red. ETH broke the $ 2,000 support before the bulls emerged around $ 1940. XRP / USD is cutting gains and is currently trading near the $ 0.900 level.
Total market capitalization
After a clear break below $ 57,000, the bitcoin price continued its decline. BTC even fell below $ 56,200, but the bulls were able to defend the key support area of $ 55,500. The price is now recovering and is trading above $ 56,000. Initial resistance is near the $ 57,000 level. Key resistance for sustained growth is now forming around the $ 57,200 level.
On the other hand, the $ 56,000 level is short-term support. Major support is now around $ 55,500, below which the bears may gain strength.
Ethereum price also followed bitcoin and broke the $ 2,000 key support. ETH has traded close to the $ 1930 support and is now correcting higher. There has been a break above $ 1980, but the bulls are facing many obstacles. The first key resistance is at around $ 2020, followed by $ 2050.
On the other hand, $ 1950 and $ 1940 are decent support levels. Further losses could lead to a drop below $ 1900.
BNB, ADA, litecoin and XRP price
Binance Coin (BNB) recovered losses and returned above the $ 380 level. BNB is testing resistance at $ 395, but the key breakout area is near $ 400. A successful close above $ 400 could possibly increase the chances of a new rally to $ 425.
Cardano (ADA) tested the $ 1,150 support zone where the bulls held out. The ADA is rallying and may soon attempt a breakout above the $ 1,200 and $ 1,220 resistance levels. The next key resistance is around the $ 1.285 level.
Litecoin (LTC) has cut most of its profits after failing to overcome the $ 245 resistance. LTC fell below the support of $ 225 but found offers around $ 212. The price is now heading up, but should consolidate above $ 225 for sustained gains to $ 245.
XRP price surpassed the $ 1.10 mark before the downward correction began. XRP broke through 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.
Other altcoins market today
Many altcoins fell more than 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. On the contrary, the WRX was able to rally and broke the $ 4.50 level.
Overall, the bitcoin price is showing some bearish signs below $ 57,000 and $ 57,200. However, BTC may try to resume gains unless there is a clear break below the $ 55,500 support.