Bitcoin price spiked above the USD 52,000 resistance, but it failed to remain stable. BTC started a fresh decline below the USD 51,000 support. It is currently (05:00 UTC) trading below USD 50,000 and it seems like there are chances of more downsides.
Besides, most major altcoins are also correcting lower. ETH topped near USD 1,650 and corrected over USD 100. XRP/USD tested the USD 0.465 resistance before the bears appeared and pushed it back below USD 0.450.
Total market capitalization
After a break above USD 52,000, bitcoin price faced resistance near USD 52,500. As a result, BTC trimmed gains and declined below USD 51,000. The price is down over USD 2,000 and it is now trading below USD 50,000. The first key support is near the USD 48,200 and USD 48,000 levels.
If there is a downside break below the USD 48,000 support, there is a risk of a sharp decline. On the upside, the bulls might face resistance near USD 50,500 and USD 51,200.
Ethereum price tested the USD 1,650 zone before it started a fresh decline, similar to bitcoin. ETH broke the USD 1,600 support and it even declined below USD 1,550. The price is moving lower and it could even revisit the USD 1,500 support.
If there is a fresh increase, the price could face resistance near the USD 1,600 and USD 1,610 levels. The main resistance now sits at USD 1,650.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) failed to clear the USD 250 and USD 255 resistance levels. BNB is correcting gains and it is trading below USD 242. If there are more losses, the price could test USD 232. The next key support is near the USD 225 level. A fresh increase may possibly continue to face sellers near USD 250.
Cardano (ADA) is showing a few bearish signs below the USD 1.220 support level. ADA even declined below USD 1.200 and it might continue lower towards the USD 1.150 support level. Any more losses might call for a test of the USD 1.100 level.
Litecoin (LTC) failed to clear the USD 200 resistance and started a downside correction. LTC is now approaching the USD 185 support level, below which the bears could test USD 175. On the upside, the USD 195 and USD 200 levels remain major hurdles.
XRP price broke the USD 0.450 resistance, but it faced sellers near USD 0.465. The price is now declining and it is back below USD 0.450. The next key support is near USD 0.420. Conversely, the USD 0.465 level is now a key breakout zone.
Other altcoins market today
Several altcoins climbed over 10%, including CHZ, ENJ, ZKS, AR, BNT, VET, HT, BAT, FLOW, HBAR, and MANA. Out of these, CHZ is gaining momentum and it is now approaching USD 0.10.
Overall, bitcoin price started correcting gains from well above the USD 52,000 level. If BTC settles below USD 50,000 today, there could be a drop towards USD 48,000 or even USD 46,500.
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Originally Posted on: https://cryptonews.com/news/bitcoin-fails-above-usd-52k-ethereum-and-altcoins-correct-ga-9425.htm
By: Aayush Jindal