Bitcoin price failed to clear the USD 58,500 resistance zone and started a fresh decline. BTC settled below the USD 58,000 level and it is currently (04:30 UTC) consolidating above USD 57,000. The main weekly support stands at USD 56,500, below which the price might decline in the near term.
Most major altcoins are trading in a positive zone. ETH is holding gains above the USD 2,000 and USD 1,980 support levels. XRP/USD rallied around 18% and it even tested the USD 0.700 level.
Total market capitalization
After a failed attempt to settle above USD 58,500 bitcoin price corrected lower. BTC traded below the USD 57,200 support level, but it found support near USD 56,500. On the upside, the price is facing strong resistance near USD 58,000 and USD 58,500. The key weekly resistance sits near USD 60,000.
On the downside, the bulls must protect USD 56,500. If not, there is a risk of a decline towards the USD 55,000 and USD 54,500 support levels.
Ethereum price outperformed bitcoin and it even traded to a new all-time high above USD 2,100 before correcting lower. ETH is trading below USD 2,050, but it seems like there is a strong support forming near the USD 2,000 and USD 1,980 levels.
If there is a downside break below USD 1,980, the price might decline towards USD 1,850. On the upside, the price might continue higher if it settles above USD 2,100.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is consolidating gains above the USD 340 level. An immediate resistance is near the USD 350 and USD 355 levels. If there is a clear break above USD 355, the price might rise steadily towards the USD 380 and USD 400 levels. On the downside, the USD 325 level is a strong support for this week.
Cardano (ADA) is still stuck below the USD 1.200 and USD 1.220 resistance levels. A close above USD 1.220 is required to start a strong increase. On the downside, the bulls might remain active near USD 1.165 and USD 1.150.
Litecoin (LTC) is now forming a support base above the USD 200 support zone. If LTC remains stable above USD 200 and USD 195, it could start a strong increase in the coming sessions. In this case, the bulls might test USD 245 or even USD 250.
XRP price outperformed bitcoin and ETH after it broke the main USD 0.600 resistance. There was a sharp increase and the price even tested USD 0.700. The current price action is positive and it seems like the price might rise further above USD 0.700 and USD 0.715 in the coming days.
Other altcoins market today
Many altcoins gained over 10%, including WRX, BTT, TRX, SC, OMG, ZIL, BTMX, DASH, DENT, EOS, QTUM, FLOW, CEL, DGB, and XLM. Out of these, BTT rallied over 80% and it even cleared the USD 0.012 level.
Overall, bitcoin price is struggling below USD 58,500 and it is now trading well below USD 60,000. Having said that, there are many important supports on the downside such as USD 56,500 and USD 55,000.