Bitcoin, Ethereum, and Altcoins Recovering Losses
Bitcoin price remained well bid above the USD 46,000 support. BTC started a fresh increase above the USD 47,000 and USD 47,500 resistance levels. It is currently (13:00 UTC) showing positive signs, but it must settle above the USD 48,000 resistance for upside continuation.
Similarly, most major altcoins are recovering losses. ETH is back above USD 1,800. XRP/USD climbed back above USD 0.565 and it might soon test the USD 0.585 resistance.
Total market capitalization
After a sharp decline, bitcoin price found support near the USD 46,000 level. BTC formed a support base and started a steady increase above USD 47,000. The bulls pushed the price above the USD 48,000 resistance. If there is a proper close above USD 48,000, the price might accelerate higher.
On the downside, USD 47,500 is a short-term support. The first key support sits at USD 47,000, below which the price might drop to USD 46,200.
Ethereum price recovered sharply after testing the USD 1,660 level. ETH is back above the USD 1,800 levels. A successful close above USD 1,800 may possibly spark a move towards the USD 1,850 level.
On the downside, the price might remain well bid above USD 1,750. The next key support is near USD 1,700, where the price might find a strong buying interest.
ADA, litecoin and XRP price
Cardano (ADA) recovered most its losses from the USD 0.650 support zone. ADA is trading above the USD 0.800 and USD 0.820 level. An immediate resistance is near the USD 0.865 level. The main resistance is near the USD 0.880 level, above which the price might surge towards the USD 0.900 resistance level.
Litecoin (LTC) tested the USD 185 support level, where the bulls took a strong stand. LTC started a fresh increase and it settled above the USD 200 pivot level. An initial resistance is near the USD 215 level. The next major resistance is seen near the USD 225 level, above which the price might rise towards the USD 250 resistance.
XRP price tested the USD 0.520 support zone and started a strong recovery. The price is back above the USD 0.550 pivot level and it is showing positive signs. The bulls are seemingly aiming for an upside break above the USD 0.585 resistance. If they succeed, the price could retest the USD 0.600 resistance. On the downside, the price could find support near USD 0.550 and USD 0.540.
Other altcoins market today
Several altcoins gained over 5%, including BTG, EWT, DGB, RVN, KSM, DASH, THETA, FIL, SUSHI, FLOW, and GRT. Conversely, EGLD, ONT, LSK, CRV, MANA, and QTUM are down more than 10%.
To sum up, bitcoin price is back in a positive zone and it recovered losses from USD 46,000. Having said that, if BTC fails at the USD 48,000 level, there are chances of a fresh decline.