Bitcoin Revisits USD 50K While Ethereum and Altcoins Correct Gains
Bitcoin price popped above the USD 50,000 level today again before correcting lower. It is currently (05:00 UTC) consolidating gains above the USD 49,000 the support level and is showing positive signs.
Conversely, most major altcoins are slowly gaining bearish momentum. ETH/USD is approaching the USD 1,700 support zone. XRP/USD declined below USD 0.550 and USD 0.520, and it is now testing USD 0.500.
Total market capitalization
After a clear break above the USD 50,000 level, bitcoin price gained bullish momentum. Yesterday, it traded as high as USD 50,350 before it started a downside correction. It revisited the USD 50,000 level today and after correcting to almost USD 49,200 it is now moving closer to USD 50,000, where it is facing resistance. A daily close above USD 50,000 might open the doors for a stronger increase.
The next major support is near USD 48,500, below which the price might test the key USD 48,000 support zone.
Ethereum price failed to clear the USD 1,800 resistance level. ETH corrected below the USD 1,750 support level. The next major support is near the USD 1,710 and USD 1,700 levels. Any more losses may possibly clear the path for a push towards the USD 1,650 level.
On the upside, the USD 1,780 level is an initial hurdle. The key resistance is near USD 1,800. A break above USD 1,800 could open the doors for an increase towards USD 1,840 and USD 1,850.
ADA, litecoin and XRP price
Cardano (ADA) declined below the USD 0.850 support level. ADA is now approaching the USD 0.805 and USD 0.800 support levels. On the upside, the previous supports near USD 0.845 and USD 0.850 might act as hurdles. A fresh increase above USD 0.850 might lead the price back towards the USD 0.888 and USD 0.900 resistance levels.
Litecoin (LTC) struggled to gain pace above the USD 220 and USD 225 levels. LTC corrected below USD 215 and it is now approaching the USD 205 and USD 200 support levels. Any more losses could clear the path for a drop towards the USD 185 support level.
XRP price failed to clear the USD 0.585 resistance and started a fresh decline. It is now trading below the USD 0.550 and USD 0.532 support levels. If the bulls fail to protect the USD 0.500 support, there is a risk of a steady decline towards the USD 0.465 support zone.
Other altcoins market today
Many altcoins declined over 10%, including SUSHI, RSR, SOL, AAVE, GRT, ONT, EGLD, RUNE, ALGO, SNX, COMP, MATIC, ZRX, DOGE, 1INCH, and VET. Out of these, SUSHI is down 15% and it traded below the USD 15.00 support. At the same time, DOT, CAKE are up by 7%-15%.
Overall, bitcoin price is consolidating gains above the USD 49,000 level and is showing positive signs. If BTC reclaims the USD 50,000 handle, there could be an increase towards USD 51,000 or USD 51,500.