- The price of Bitcoin was corrected downward and tested $ 54,000 before recovering.
- Ethereum fell to $ 3,400, XRP remained above the $ 1.05 support.
- BNB rebounded more than 13% and broke above the $ 450 level.
The price of Bitcoin has started a downward correction from the $ 57,800 area. BTC corrected below $ 55,500 and even tested $ 54,000. Price is currently (04:31 UTC) recovering and trading above the $ 56,000 level.
Also, most of the major altcoins are struggling to start a further increase. ETH consolidates near the $ 3,500 level. XRP tested the $ 1.05 support, where the bulls appeared. ADA is struggling to climb above $ 2.15.
Total market capitalization
After a break below $ 56,000, bitcoin price prolonged its decline. BTC corrected below $ 55,500 and $ 55,000. However, the bulls appeared near $ 54,000 and there was further bullish movement. The price climbed above the 55,000 and 56,000 USD levels. On the upside, initial resistance is near the $ 56,500 level. The next key resistance is near $ 57,000, above which the price may revisit $ 57,800.
On the downside, first support is near $ 55,650. The next major support is near $ 55,000, below which the price could revert to $ 54,000.
Ethereum price prolonged its decline below the level of 3,500 USD. ETH tested $ 3,400 before another increase. Price is now consolidating near $ 3,500 and facing resistance near $ 3,550. Major resistance is now forming near the $ 3,600 level.
If there is another drop, the price could test the level of 3,440 USD. The next key support is near $ 3,400, below which the price could drop to $ 3,350.
ADA, LTC, DOGE and XRP prices
Cardano (ADA) extended its decline below 2.12 and 2.10 dollars. The price tested the $ 2.07 level and it stayed above the $ 2.05 support. On the upside, bears could defend the $ 2.15 level. The main hurdle is now forming near the $ 2.20 level.
Litecoin (LTC) traded below $ 172 support and even tested $ 165 support. The price is now up and trading above 172 USD. If it continues to rise, the bulls may face resistance near the $ 180 level. The next key resistance is near the $ 185 level.
Dogecoin (DOGE) traded below the $ 0.220 level, but the downsides were limited. The price is now recovering and facing hurdles close to $ 2.32. The next major resistance is near $ 0.250. Any further gain could push the price towards the $ 0.300 level in the near term.
XRP price climbed below $ 1.10 and traded near $ 1.05. Price is now attempting a rally above the $ 1.10 level. To continue rising, the price must break through the $ 1.15 level. The next major hurdle is near $ 1.20.
Other altcoins market today
Many altcoins rose over 5% including REV, STX, BNB, OMG, CAKE, ONE, KLAY, ATOM, XTZ, CELO, DOT, and CHZ. Of these, STX rose 21% and broke above the $ 2.4 level. Meanwhile, BNB is now trading above $ 460 after rebounding 13% on Binance Smart Chain News.
Overall, the price of bitcoin recovers losses above $ 56,000. However, BTC needs to settle above $ 57,000 to continue rising over the next few sessions.