After a strong upward move, bitcoin price set a new all-time high near USD 23,700. Recently, BTC corrected lower and traded below the USD 23,000 level. The price is currently (05:00 UTC) consolidating gains and it could rise once again towards USD 23,500.
Similarly, most major altcoins corrected lower after a strong surge, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD traded as high as USD 675 before it corrected below USD 650. XRP/USD is also correcting gains below USD 0.600, but it remains well supported. LTC/USD outperformed and it is now trading above USD 105.00.
Total market capitalization
There was an upside extension above USD 23,000 in bitcoin price before it faced hurdles. BTC traded to a new all-time high near USD 23,700 before it started a downside correction. The price broke the USD 23,000 support and it even spiked below USD 22,500. The price is now moving higher and it could start a fresh increase if there is a proper close above USD 23,200.
On the downside, an initial support is near the USD 22,500 level. The main support is now forming near USD 22,200, below which the price might correct substantially.
Ethereum price also climbed above the USD 650 resistance and traded to a new multi-month high near USD 675. ETH corrected lower and traded below the USD 650 level. On the downside, the USD 630 zone is acting as a decent support. Any more losses might lead the price towards USD 620.
On the upside, the USD 650 level is a short-term resistance. If ether price breaks the USD 650 pivot level, it could revisit the USD 675 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price settled above the USD 300 pivot level. BCH even spiked above the USD 330 level and it is consolidating gains above USD 310. The main support is now forming near the USD 300 level. On the upside, there is a major hurdle forming for the bulls near the USD 330 level.
Litecoin (LTC) outperformed most major altcoins in the past few hours and it rallied over 15%. LTC settled above USD 100.00 and it even spiked above USD 110.00. The current price action suggests chances of more upsides above the USD 112.00 and USD 115.00 levels. If there is a downside correction, the USD 100.00 level might provide support.
XRP price surged above the USD 0.600 and USD 0.620 levels. It even spiked above USD 0.650 before correcting lower sharply. The price is trading below USD 0.600, with many supports near USD 0.565. The main support is forming near the USD 0.550 level. On the upside, the USD 0.620 level is a key pivot zone.
Other altcoins market today
In the past few hours, a few altcoins gained over 5%, including ABBC, ZEC, UNI, ZIL, CHSB, and SNX. Conversely, REN, NANO, QNT, and WAVES are showing a few bearish signs.
Overall, bitcoin price is consolidating gains above USD 22,500 and USD 22,200. There can be more downsides, but the bulls might remain active over USD 20,000 in the near term.