Yesterday, bitcoin price saw a nasty decline of over USD 8,000. BTC even tested the USD 51,500 support before the bulls appeared. It recovered some of its losses and it is currently (04:30 UTC) showing positive signs above the USD 56,500 pivot level.
Similarly, most major altcoins are trimming losses. ETH tested the USD 2,000 support zone and recovered above USD 2,250. XRP/USD must break USD 1.50 to move back into a positive zone.
Total market capitalization
After a sharp decline, bitcoin price remained well bid above USD 51,000 and USD 51,500. BTC started a fresh increase and recovered above the USD 55,000 resistance. It even broke the USD 56,500 resistance and recently climbed above USD 57,000. The first major resistance is near the USD 58,000 level. A successful close above the USD 58,000 level could lead the price towards the key USD 60,000 level.
On the downside, the USD 56,500 level is an initial support. The main breakdown and weekly support is now forming near the USD 55,000 level.
Ethereum price also followed bitcoin and declined sharply from USD 2,400 to USD 2,000. However, ETH bulls defended USD 2,000 and the price is now trading well above USD 2,200. An immediate resistance for the bulls is near the USD 2,300 level.
A clear break above the USD 2,300 level might open the doors for a move towards the USD 2,400 level. If not, the price could correct towards the USD 2,200 support.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) nosedived to test USD 450 before recovering above USD 500. BNB is trading above the USD 525 pivot level, but it might face resistance near the USD 545 and USD 550 levels. A break above USD 550 might push the price even higher in the coming sessions.
Cardano (ADA) tested the main USD 1.12 support zone and it is now back above USD 1.30. A successful break above the USD 1.35 and USD 1.38 might set the pace for a fresh increase towards the USD 1.45 and USD 1.50 levels in the near term.
Litecoin (LTC) tested the USD 250 support zone before recovering losses. LTC broke the USD 265 resistance and it is now approaching the USD 280 resistance. The key hurdle is at USD 285, above which the price might test the USD 300 resistance.
XRP price is holding gains above the USD 1.200 and USD 1.250 levels. It is back above USD 1.400, but it is facing a strong resistance near USD 1.500. A close above USD 1.500 is needed for a fresh rally towards USD 1.650 and USD 1.700.
Other altcoins market today
A few altcoins gained over 10%, including NEO, SOL, QTUM, KCS, RUNE, YFI, DOGE, VET, CFX, and DGB. Out of these, NEO surged over 30% and it cleared the USD 120 level, while DOGE is up by 26.5% and is trading at USD 0.338. It’s the best performing cryptoasset among the top 10 coins today.
Overall, bitcoin price is recovering losses and it is trading above USD 56,000. If BTC settles above USD 58,000, it could rise towards USD 60,000 in the near term.