Bitcoin price has extended its decline below the key support level of USD 57,000. BTC even broke the $ 56,200 support, but the bulls were active near $ 55,500. It is currently consolidating above USD 56,000 (04:30 UTC) and faces many hurdles near USD 57,000 and USD 57,200.
Likewise, most of the large altcoins are still in the red zone. ETH broke the $ 2,000 support before the bulls surfaced near $ 1,940. XRP / USD is reducing gains and is now trading near the USD 0.900 level.
Total market capitalization
After a significant pause below USD 57,000, Bitcoin price prolonged its decline. BTC even fell below $ 56,200, but the bulls were able to protect the key support zone of $ 55,500. The price is now recovering and trading above USD 56,000. Initial resistance is near the USD 57,000 level. The key resistance to a steady rise is now forming near the $ 57,200 level.
On the downside, the $ 56,000 level is a short-term support. Main support is now at $ 55,500 below which the bears could gain strength.
The Ethereum price also followed Bitcoin, breaking the all-important USD 2,000 support. ETH was trading close to the USD 1,930 support and is now correcting higher. There has been a break above USD 1,980 but the bulls face many hurdles. The first major resistance is at USD 2,020, followed by USD 2,050.
On the flip side, USD 1,950 and USD 1,940 are decent support levels. Further losses could require a drop below USD 1,900.
BNB, ADA, Litecoin and XRP prices
Binance Coin (BNB) has made up losses and is back above the USD 380 level. The BNB is testing the USD 395 resistance, but the key breakout zone is close to USD 400. A successful close above USD 400 may potentially die Increase likelihood of rebound towards USD 425.
Cardano (ADA) tested the USD 1,150 support zone where the bulls took a stand. ADA is rising and could soon attempt to break above the USD 1,200 and USD 1,220 resistance levels. The next major resistance is near the $ 1.285 level.
Litecoin (LTC) trimmed most of its gains after failing to break the USD 245 resistance. LTC fell below the USD 225 support but found bids near USD 212. The price is now moving higher but needs to gain strength above USD 225 to move steadily to USD 245.
The XRP price was near USD 1.10 before a downward correction was initiated. XRP broke the $ 1,000 support and even tested $ 0.900. It is now consolidating above USD 0.900 with an immediate resistance at USD 0.945. The main resistance is now near the $ 1,000 level.
Other altcoin market today
Many altcoins were down over 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC and BSV. Conversely, WRX rallied and broke the USD 4.50 level.
Overall, Bitcoin price is showing some bearish signs below USD 57,000 and USD 57,200. However, BTC could attempt another spike unless there is a significant break below the USD 55,500 support.
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