Bitcoin, Ethereum and Altcoins Trading Near Important Inflection Zone
Bitcoin price tested the key USD 60,000 resistance zone before correcting lower. BTC broke the USD 58,000 support level and it even spiked below USD 57,000. It is currently (05:30 UTC) consolidating well above USD 57,000 and it could attempt a fresh increase towards USD 60,000.
Similarly, most major altcoins are trading above important supports. ETH is back below USD 1,800, but it is holding the USD 1,750 and USD 1,710 support levels. XRP/USD is also steady above USD 0.465 and it could attempt a clear break above USD 0.488. Besides, ADA corrected lower to test the USD 1.200 support.
Total market capitalization
After a rejection near USD 60,000, bitcoin price started a downside correction. BTC broke the first key support at USD 58,000. However, it is now consolidating above the USD 57,200 and USD 57,000 support levels. If it climbs back above USD 58,500, there are chances of a move towards the USD 60,000 level.
If there is no upside break above USD 58,500, the price could revisit USD 57,000. A downside break below USD 57,000 might call for a fresh drop to USD 55,000.
Ethereum price failed to stay above the USD 1,800 support level and it corrected lower. ETH even spiked below USD 1,750, but it is now stable. If the bulls gain strength for a strong push above USD 1,800, the price could continue to rise.
On the downside, the first key support is near USD 1,750. The main support is near USD 1,710, below which the bears might take control.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) remained well bid above USD 250 and it even climbed back above USD 265. BNB could continue to grind higher and it could revisit the USD 275 level. The next key breakout zone sits near the USD 280 level.
Cardano (ADA) corrected lower sharply after testing the USD 1.480 resistance zone. ADA declined over 10%, but the bulls were active near the USD 1.200 level. The price is now consolidating above USD 1.200, with chances of a fresh increase towards the USD 1.320 and USD 1.350 levels.
Litecoin (LTC) is consolidating near the USD 200 level. LTC must clear the USD 210 and USD 212 levels to start a sustained upward move. The next key resistance is near the USD 225 level. On the downside, the USD 195 support might act as a pivot zone.
XRP price is showing positive signs above the USD 0.450 and USD 0.465 support levels. It could possibly rise above the USD 0.480 and USD 0.488 levels. The main breakout zone for a larger increase is still near the USD 0.500 level.
Other altcoins market today
Several altcoins gained over 10%, including NPXS, ONE, LUNA, SC, BTT, THETA, IOST, QTUM, CRO, CHZ, and OMG. Out of these, NPXS rallied over 40% and it cleared the USD 0.005 level.
Overall, bitcoin price is holding a couple of important supports near USD 57,000. If BTC struggles to stay above USD 57,000, there could be a fresh decline to USD 55,000 or even USD 54,200.