Bitcoin price started a short-term downside correction from the USD 52,750 all-time high. BTC declined below USD 52,000 and USD 51,500. However, the bulls were active and the price is currently (05:00 UTC) trading well above the USD 50,500 support zone.
Besides, there were mostly positive moves in most major altcoins. ETH/USD climbed above USD 1,925 and traded to a new all-time high at USD 1,950 before correcting lower. XRP/USD is steady above USD 0.525, but it could decline further towards USD 0.512.
Total market capitalization
After struggling to settle above USD 52,000, bitcoin price corrected lower below USD 51,500. It even broke the USD 51,000 level, but it remained well bid above USD 50,500. The next major support is near the USD 50,000 level, below which there is a risk of a larger downside correction in the near term.
On the upside, the USD 52,000 level is an immediate hurdle. The next key hurdle is near the USD 52,750 high. A clear break of USD 52,000 and a follow up move above USD 52,500 might call for a new all-time above USD 53,000.
Ethereum price remained in a bullish zone and it extended its rise above the USD 1,925 high. ETH traded to a new all-time high at USD 1,950, but there was a lack of momentum. The price is correcting gains and trading near USD 1,900. An immediate support is at USD 1,880, below which the price might dip to USD 1,850.
On the upside, the USD 1,950 level is a short-term barrier. The main resistance on the upside is still near the USD 2,000 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) outperformed bitcoin and ethereum, with a strong rally of 50%. BNB even tested the USD 250 level and flipped USDT, becoming the third-largest cryptoasset by market capitalization (USD 36.7bn vs. tether’s USD 33.7bn). BNB could possibly rise towards the USD 300 level in the near term.
Cardano (ADA) corrected gains after it failed to clear the USD 0.950 resistance level. ADA dipped below the USD 0.920 support and it even broke USD 0.900. However, the bulls are protecting the USD 0.885 support. Any more losses might call for a move towards the USD 0.850 support zone.
Litecoin (LTC) is consolidating gains above the USD 220 level. An initial resistance is near the USD 232 level. An upside continuation above USD 232 could open the doors for a test of USD 250. Conversely, a downside break below the USD 220 level might lead the price towards the USD 212 support or even USD 205.
XRP price is holding gains above the USD 0.525 support level. If there are more downsides, the price may possibly test the USD 0.512 support. On the upside, the USD 0.550 level is a strong breakout zone for a larger increase.
Other altcoins market today
Many altcoins gained over 15%, including CAKE, RVN, XVS, HT, VGX, OKB, BNT, FTM, FTT, DASH, and CELO. Out of these, CAKE rallied over 50% and it surpassed the USD 15.00 level.
Overall, bitcoin price is consolidating gains above USD 50,500 and USD 50,000. BTC might start a fresh increase towards USD 53,000 as long as it is above USD 50,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-hold-gains-bnb-flips-tether-and-tests-u-9279.htm
By: Aayush Jindal