Bitcoin price climbed to yet another new all-time high at USD 49,650 before it started a downside correction. BTC dipped below USD 47,000, but it remained stable above USD 46,000. It is currently (05:00 UTC) recovering higher, but it could face resistance near USD 47,500.
Besides, most major altcoins corrected lower sharply. ETH/USD is down over 5% and it even spiked below the USD 1,700 support zone. XRP/USD declined heavily from well above USD 0.600 and it is approaching the USD 0.525 support.
Total market capitalization
After trading to a new all-time high near USD 49,650, bitcoin price faced a strong selling pressure. BTC failed to test USD 50,000 and started a downside correction. It declined below the USD 47,500 and USD 47,000 support levels. However, the bulls were seen active near the USD 46,000 level. The key weekly support sits at USD 45,000.
The price is now recovering higher, with an immediate resistance at USD 47,500. The first major resistance is near the USD 48,000 level. The main weekly resistance is now forming near USD 49,500 and USD 50,000.
Ethereum price struggled to continue higher above USD 1,875 and started a sharp decline. ETH declined almost USD 200 and it tested the USD 1,660 level. The price recovered above USD 1,700, but it might face a couple of important hurdles near USD 1,750. The key weekly pivot zone is now forming near USD 1,800.
On the downside, the price might remain stable above USD 1,650. Any more losses could lead the price towards the USD 1,550 support level in the near term.
ADA, litecoin and XRP price
Cardano (ADA) failed to test the main 1.00 resistance and started a fresh decline. ADA declined over 15% and it even broke the USD 0.850 support level. It is now trading below USD 0.800, with a major support at USD 0.765. The next important support is near the USD 0.720 level.
Litecoin (LTC) climbed higher above the USD 200 and USD 210 levels. LTC tested the USD 230 level before it corrected lower. The price traded below USD 210 and it is struggling to remain stable above USD 200. Any more losses might lead the price towards the USD 185 support level.
XRP price extended its rally above the USD 0.550 resistance levels. The price spiked above the USD 0.600 level before correcting lower. The price is now down over 10% and it even broke the USD 0.550 support. On the downside, the first major support is near the USD 0.525 level, below which the price might even test the USD 0.500 support level.
Other altcoins market today
Many altcoins declined over 15%, including 1INCH, RSR, DOGE, CRV, GRT, OMG, ZIL, MIOTA, ONT, UMA, XTZ, BTT, IOST, REN, and NANO. Conversely, BTG gained over 40% and it surpassed the USD 25.00 resistance.
Overall, bitcoin price is correcting gains from well above USD 49,000. Having said that, BTC might remain stable above USD 45,000 and it could climb back above USD 48,000 to test USD 50,000.
Originally Posted on: https://cryptonews.com/news/bitcoin-corrects-gains-ethereum-and-altcoins-drop-sharply-9225.htm
By: Aayush Jindal