Bitcoin price failed to settle above the USD 58,000 resistance on a few occasions. As a result, BTC reacted to the downside and broke many major supports near USD 57,000. It even declined below the USD 55,500 support level and it is currently (05:30 UTC) below USD 54,000.
Similarly, most major altcoins started a fresh decline. ETH is down 5% and it broke the USD 1,710 support zone. Conversely, XRP/USD extended its rally above the USD 0.550 resistance and it even tested the USD 0.600 zone.
Total market capitalization
After a strong rejection near USD 58,000, bitcoin price started a fresh decline. BTC broke the USD 57,200 and USD 57,000 support levels. It opened the doors for more losses below USD 55,500 and USD 55,000. The price even spiked below USD 54,000, but the bulls appeared near USD 53,300.
It is currently trying to correct higher towards the USD 54,200 level. Going further, an immediate resistance is near the USD 55,000 level, followed by the key USD 55,500 pivot level.
Ethereum price also followed bitcoin and it broke the USD 1,750 support zone. ETH even settled below the USD 1,710 support level and tested the USD 1,660 zone. If it moves higher, the previous support at USD 1,710 and USD 1,750 could stop upsides.
On the downside, if ETH fails to stay above the USD 1,660 level, it could decline further towards USD 1,600 or USD 1,580.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is declining and it might revisit the USD 250 support zone. If BNB extends losses, it could test the USD 240 support. Any more losses might call for a move towards the USD 220 level. On the upside, the bears might remain active near USD 265 and USD 272.
Cardano (ADA) declined over 6% and it broke the USD 1.220 and USD 1.200 support levels. ADA might continue lower towards the USD 1.050 support level. The next key support is near the USD 1.000 and USD 0.998 levels. On the upside, ADA is likely to face hurdles near USD 1.200.
Litecoin (LTC) failed to settle above the USD 200 and USD 205 levels. LTC declined below the USD 195 support and it might test the USD 180 support. Any more losses might call for a drop towards the USD 172 support zone.
XRP price remains attractive and it extended its rally above the USD 0.550 resistance zone. The price even tested the USD 0.600 level and it is now consolidating gains. The previous resistance near USD 0.550 and USD 0.545 might provide support in the near term.
Other altcoins market today
Several altcoins gained over 10%, including DENT, TFUEL, BTG, THETA, MIOTA and AR. Out of these, DENT extended its rally by another 62%. Conversely, SC, IOST, ENJ, BTT and LUNA are down over 10%.
Overall, bitcoin price broke a few important supports such as USD 57,000 and USD 55,500. In the short-term, BTC might correct higher, but the bulls might struggle near USD 57,000.