Bitcoin Tests USD 50K, Ethereum and Altcoins Drop
Bitcoin price is down over 10% and it broke many important supports near USD 55,000 and USD 52,000. BTC is currently (05:00 UTC) struggling to settle above USD 50,000. A daily close below USD 50,000 may possibly open the doors for more losses towards USD 45,000.
Similarly, there were strong bearish moves in most major altcoins. ETH/USD is down over 15% and it is struggling to stay above USD 1,600. Conversely, there was no major decline in XRP/USD and it is stable at near the USD 0.525 support.
Total market capitalization
There was a sharp decline in bitcoin price below the USD 55,000 support zone. BTC even broke the USD 50,000 support level and it is at a risk of more losses. If there is a daily close below USD 50,000, there could be additional losses. The next major support is near USD 47,500, below which the price might test the USD 45,000 level.
On the upside, the USD 52,000 level is a key resistance. The main resistance is now forming near the USD 54,500 and USD 55,000 levels.
Ethereum price declined over USD 400 and it broke many major supports near USD 1,850 and USD 1,750. ETH is now struggling to stay above the USD 1,600 support. The next major support is near the USD 1,550 level, below which the price might revisit the USD 1,450 support.
On the upside, the USD 1,720 level is a short-term resistance. To start a fresh increase, the bulls need to gain strength above the USD 1,750 pivot level in the near term.
BNB, litecoin, and XRP price
Binance Coin (BNB) failed to stay in the positive zone and it broke the USD 250 support zone. BNB is moving lower and it is approaching the USD 225 support. The next major support for the bulls could be USD 200. On the upside, the price is facing hurdles near USD 275 and USD 280.
Litecoin (LTC) is gaining momentum below the USD 220 and USD 200 support levels. LTC is now testing the USD 185 support level. If there are more downsides, the price might continue to move down towards the USD 175 level. On the upside, the previous support at USD 200 might act as a resistance in the near term.
XRP price is stable near the USD 0.525 support zone. There was no sharp decline similar to bitcoin and ethereum, but there is a risk of a drop towards the USD 0.512 and USD 0.505 support levels. On the upside, the price might face hurdles near the USD 0.540 and USD 0.550 levels.
Other altcoins market today
Many altcoins declined over 10%, including BTT, DODO, EGLD, GRT, WAVES, ONT, 1INCH, SC, CRV, OCEAN, DGB, UMA, AAVE, ICX, IOST, OMG, ALGO, BSV, ETC, ZIL, and BAT. Conversely, CRO is trading above USD 0.175, with gains over 29%.
Overall, bitcoin price is gaining bearish momentum below USD 52,000. It seems like BTC could accelerate further below USD 50,000 and USD 49,000 in the coming sessions.