Bitcoin price struggled to extend gains above the USD 58,500 resistance. BTC started a fresh decline and traded below the USD 56,500 support. It is currently (04:45 UTC) trading below USD 56,000 and it might continue to move down.
Besides, most major altcoins are holding important supports. ETH is correcting lower below the USD 3,450 support zone. XRP/USD also trimmed gains and it is now consolidating gains above USD 1.50.
Total market capitalization
After another failure above USD 58,000, bitcoin price started a fresh decline. BTC broke the key USD 56,500 support zone to move into a short-term bearish zone. BTC even traded below USD 56,000 and it is now approaching the USD 55,000 level. Any more losses might call for a drop towards the USD 54,200 level.
On the upside, an initial resistance is near the USD 56,200 level. The key resistance is near USD 56,500, above which the price might rise towards the USD 58,000 level.
Ethereum price traded to a new all-time high above USD 3,600 before starting a downside correction. ETH traded below the USD 3,450 support zone and it even broke the USD 3,400 level. If there are more downsides, the price could dive towards the USD 3,320 level.
If there is a fresh increase, the price might face hurdles near the USD 3,450 resistance. The next major resistance is near the USD 3,500 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) also topped near the USD 650 level and it started a fresh decline. BNB even traded below the USD 625 support. It seems like the price might continue to move down towards the USD 605 and USD 600 support levels. On the upside, the price might face hurdles near the USD 635 level.
Litecoin (LTC) is holding gains above the USD 345 level. On the upside, the bulls are facing resistance near the USD 365 level. A clear break above the USD 365 and USD 370 levels could set the pace for a sharp increase in the near term. Conversely, the price might dip towards the USD 320 support.
Dogecoin (DOGE) is correcting gains and it broke the USD 0.60 support zone. DOGE is now trading near the USD 0.565 level, below which the bears might attempt a break of the USD 0.550 support. The next major support is near the USD 0.50 level.
XRP price started a downside correction below the USD 1.60 support. The price even traded below the USD 1.55 support, but it stayed above the USD 1.50 support. If there are more losses, the bulls might take a stand near USD 1.42.
Other altcoins market today
Multiple altcoins gained over 10%, including QTUM, BCD, ETC, EOS, OMG, ONT, TEL, BTT, XTZ, SUSHI, BAT, XMR, DASH, and NEO. Out of these, QTUM jumped over 60% and it cleared the USD 30 level, while ETC rallied 40%, surpassing the USD 130 level.
Overall, bitcoin price is correcting gains and trading below the USD 56,500 support. If BTC fails to stay above USD 55,000, it could decline further towards the USD 54,200 or even USD 53,000.