Bitcoin price topped near the key USD 52,000 resistance level and started a fresh decline. BTC broke the USD 50,000 and USD 48,000 support levels. It even tested USD 46,000 and it is currently (05:00 UTC) struggling to recover above USD 48,000.
Similarly, there was a fresh decline in most major altcoins. ETH failed to settle above USD 1,665 and declined over USD 150. XRP/USD traded below the USD 0.450 support zone and it might continue lower.
Total market capitalization
After a failed attempt to clear USD 52,000, bitcoin price started a fresh decline. BTC broke a couple of important supports near USD 50,000 and USD 48,000. The gained pace below USD 48,000 and it even tested the USD 46,000 level. An immediate resistance on the upside is near the USD 48,000 level. The first major resistance is now forming near the USD 50,000 pivot level.
On the downside, the USD 46,000 zone is a short-term support. The key breakdown support is near the USD 45,000 level, below which there is a risk of a sharp decline to USD 42,000.
Ethereum price struggled to settle above the USD 1,665 resistance and started a fresh drop. ETH broke the USD 1,600 and USD 1,550 support level. It even broke USD 1,500 and tested USD 1,450. The price is now consolidating losses near USD 1,500, with an immediate resistance at USD 1,550.
If ether price fails to start a recovery wave above USD 1,550 and USD 1,600, there could be a heavy downward move below the USD 1,450 support.
BNB, litecoin, and XRP price
Binance Coin (BNB) failed to stay above the USD 250 support level and declined below USD 235. BNB even spiked below USD 225 and tested USD 220. The price is now back above USD 225, but the previous support at USD 235 and USD 242 could prevent gains. The main resistance is now forming near the USD 250 level.
Litecoin (LTC) declined below the USD 180 level and it even spiked below the USD 172 support. However, the bulls were active above USD 165 and the price is recovering higher. It is trading above USD 170, but there are chances of a strong selling interest near the USD 180 and USD 182 levels. On the downside, the USD 165 level is a major support zone.
XRP price followed bitcoin and broke the USD 0.450 support level. It even broke the USD 0.420 support and traded close to USD 0.410. The price is now recovering higher, but the previous support at USD 0.450 and USD 0.455 could possibly act as hurdles in the near term.
Other altcoins market today
Many altcoins declined over 10%, including XVS, CAKE, STX, DODO, IOST, ICX, SOL, HT, COMP, FTM, BNT, NPXS, DOGE, ATOM, and AVAX. Conversely, 1INCH gained over 20% and it climbed towards USD 4.50.
Overall, bitcoin price failed to clear a major resistance near USD 52,000 and started a fresh decline. If BTC fails to stay above USD 45,000, the bears might aim for USD 42,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-drop-after-tagging-resistance-9353.htm
By: Aayush Jindal