Bitcoin price started recovering from the USD 53,500 zone. BTC climbed above USD 54,500 and it is currently (12:00 PM UTC) trading below USD 55,500. A close above USD 56,500 could trigger a steady increase in the coming sessions.
Most major altcoins are showing mixed results. ETH climbed above the USD 4,000 resistance before correcting lower again. XRP/USD was also rising towards USD 1.50 before dropping again.
Total market capitalization
After a sharp decline, bitcoin price found support near the USD 53,500 level. BTC started a steady upward move and it surpassed the USD 55,500 resistance. The first major resistance is still near the USD 56,200 and USD 56,500 levels. A proper break and close above USD 56,500 could open the doors for a strong upward move.
If it fails to settle above USD 56,500, there is a risk of a fresh decline. An initial support is near the USD 55,500 level, below which it could revisit USD 54,200.
Ethereum price recovered losses better than bitcoin, as it climbed above the USD 3,950 resistance. ETH even cleared the USD 4,000 level before dropping again. An immediate resistance is near the USD 4,080 level, above which the price could rise to USD 4,200.
The main support is now forming near the USD 3,920 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is back above the USD 650 pivot level. BNB is showing positive signs and it seems like it is heading towards the USD 685 level. Any more gains could open the doors for a break above the USD 700 level in the near term.
Litecoin (LTC) tested the USD 335 support zone and started a recovery wave. LTC climbed above USD 360 and dropped. The main breakout zone is now forming near the USD 400 level. On the downside, the USD 350 level might provide support.
Dogecoin (DOGE) was consolidating above the USD 0.500 level, but failed to stay above this level. DOGE must clear the USD 0.525 level to rise towards the USD 0.550 level. Conversely, a downside break below USD 0.500 may possibly lead the price towards the USD 0.445 support level. The next key support sits at USD 0.420.
XRP price recovered after tagging the USD 1.22 support. It is now trading slightly above USD 1.40 after almost reaching USD 1.50. The key resistance is near the USD 1.50 level, above which the price might surge towards the USD 1.60 level.
Other altcoins market today
A few altcoins gained over 5%, including REV, YFI, HT, UMA, LEO, OKB, SHIB, MATIC, COMP, and KLAY. Out of these, YFI rallied above the USD 65,000 resistance zone.
To sum up, bitcoin price is recovering higher and trading above USD 55,000. Having said that, BTC must surpass USD 56,500 for a sustained upward move in the near term. If not, it could revisit USD 53,500.