Bitcoin price tested the USD 45,000 support zone, where the bulls appeared. BTC started a decent recovery wave above USD 48,000 and USD 50,000. It is currently (05:00 UTC) trading above USD 50,000, but it must settle above USD 52,000 for a fresh increase to USD 58,000.
Similarly, there was a steady recovery in most major altcoins. ETH/USD is back above USD 1,600, but it could face resistance near USD 1,650 and USD 1,665. XRP/USD is also recovering, but it is struggling to move back above USD 0.500.
Total market capitalization
After a sharp decline, bitcoin price found support near USD 45,000. BTC formed a base above USD 45,000 before it started a decent recovery wave. The price is now trading above USD 50,000, but it might face resistance near USD 51,500 and USD 52,000. Any more gains could lead the price towards the USD 55,000 level.
On the downside, the price might find bids near USD 50,000. The next major support is near the USD 48,000 level, below which the price might revisit USD 45,000.
Ethereum price found a strong support near USD 1,360 and started a steady increase. ETH broke the USD 1,450 and USD 1,500 levels. The price is back above USD 1,600, but it is facing resistance near USD 1,665. The next key resistance for the bulls is near the USD 1,700 level.
If there is no upside break above USD 1,665, the price could start a fresh decline. The first key support is near USD 1,600. The next major support is at USD 1,560, followed by USD 1,520.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) spiked below USD 200, but it remained stable above USD 185. BNB started a fresh increase above USD 220. BNB even climbed above USD 250, but it is struggling near USD 255. The next major resistance sits near the USD 280 level. If there is no upside break above USD 255, the price could revisit the USD 220 support.
Litecoin (LTC) remained stable above USD 160 and it started a fresh increase above USD 170. LTC is now trading above USD 180 and it seems like it could rise further above USD 185. The main barrier for a sustained upward move is now forming near the USD 200 level.
XRP price spiked below USD 0.400 before it started recovering. The price climbed above USD 0.450, but it is now facing a strong resistance near USD 0.500 (the recent breakdown zone). If there is no upside break, the price might decline again towards the USD 0.450 support.
Other altcoins market today
A few altcoins climbed over 8%, including LEO, STX, RUNE, LUNA, SOL, MATIC, FTM, TFUEL, AAVE, and UNI. Conversely, XEM, XVS, QTUM, ZEN, and BCH are down over 8%.
Overall, bitcoin price is recovering above USD 49,500 and USD 50,000. If BTC settles above USD 52,000, there could be a strong increase. Conversely, the price might revisit USD 48,000.
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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-try-to-recover-face-resistance-9323.htm
By: Aayush Jindal