Bitcoin price started a fresh decrease below the USD 49,000 and USD 48,000 levels. BTC tested the USD 46,200 support and it is currently (12:30 PM UTC) attempting a fresh increase. To move into a positive zone, the price must settle above USD 48,000 and USD 48,500.
Besides, most major altcoins are showing bearish signs. ETH is struggling to recover above USD 1,500 and it remains at a risk of a downside break. XRP/USD is still above the USD 0.450 support, but there are bearish signs emerging.
Total market capitalization
After a downside break below USD 48,000, bitcoin price tested the USD 46,200 support zone. BTC is correcting losses and it is trading above USD 47,000. The first major resistance is near the USD 48,000 level. If there is a decent close above USD 48,000 and USD 48,500, the price could rise towards the USD 50,000 level.
If the price fails to settle above USD 48,000 and USD 48,500, there are chances of more downsides below the USD 46,500 and USD 46,200 levels.
Ethereum price settled below the USD 1,500 pivot level, but the bulls are protecting the USD 1,450 support level. It seems like ETH is setting up for the next move either above USD 1,500 or below USD 1,450 in the near term.
A successful close above USD 1,500 and USD 1,520 could open the doors for a move towards the USD 1,550 and USD 1,565 levels.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) tested the USD 215 level and it is recovering losses. BNB is back above USD 220 and it might test the main USD 232 resistance zone. Conversely, there is a risk of a downside break below the USD 215 low. The next major support sits near the USD 200 level.
Cardano (ADA) tested the USD 1.032 level and recovered higher. ADA is back above USD 1.100 and it might continue higher towards the USD 1.150 resistance level. The next major resistance is near the USD 1.200 level. On the downside, the bulls might defend the USD 1.050 and USD 1.020 levels.
Litecoin (LTC) traded close to the USD 165 support zone. LTC is correcting higher above the USD 172 level. The first key resistance is near the USD 175 level, above which the price could rise towards the USD 185 resistance. The main support on the downside is near the USD 165 level.
XRP price is consolidating near the USD 0.450 support zone. If there is a downside break below the USD 0.450 support, there could be a drop towards the USD 0.420 level. On the upside, the bulls might face selling interest near the USD 0.480 level.
Other altcoins market today
Several altcoins climbed over 10%, including ZKS, STX, TFUEL, MIOTA, HOT, CHSB, and CHZ. Conversely, SNX, ENJ, AAVE, CRV, KSM, ATOM, HT, and DOT are down over 8%.
To sum up, bitcoin price is struggling to recover above the USD 48,000 and USD 48,500. BTC could start a steady increase if there is a strong close above the USD 48,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-struggle-major-altcoins-in-red-9448.htm
By: Aayush Jindal