Bitcoin price extended its decline below USD 50,000 and USD 48,500. BTC even tested the USD 47,500 level before starting an upside correction. It is currently (12:00 PM UTC) consolidating above USD 50,000 and it could move higher.
Similarly, most major altcoins are also recovering. ETH is back above the USD 2,200 and USD 2,250 resistance levels. XRP/USD is also moving up and trading above USD 1.15.
Total market capitalization
After a sharp decline, bitcoin price tested the USD 47,500 level. BTC remained well bid above USD 47,500 and it started a steady recovery. The price corrected above the USD 48,500 and USD 50,000 levels. On the upside, an initial resistance is near USD 50,500. The first key resistance is now forming near the USD 51,500 level.
On the downside, the USD 49,500 level is a short-term support. If the bulls fail to protect USD 49,500, the price may possibly revisit the USD 47,500 level.
Ethereum price tested the USD 2,100 zone before starting an upward move. ETH climbed above the USD 2,200 and USD 2,250 levels. It even recovered above USD 2,300 and it might continue higher. There could be another decline, but the bulls might remain active above USD 2,200.
If the bulls fail to protect USD 2,200, there could be a fresh decline towards the USD 2,100 level. Any more losses may possibly call for a drop towards the USD 2,000 level.
BNB, ADA, DOGE, and XRP price
Binance coin (BNB) is back above the USD 500 level and it is now consolidating. An immediate resistance is near the USD 525 level. If there is a close above the USD 525 level, the price might accelerate higher towards the USD 550 level. On the downside, the price might find bids near the USD 480 level.
Cardano (ADA) spiked below the USD 1.00 support level, but there was no daily close. ADA started a fresh recovery and it gained pace above the USD 1.050 level. The price is now trading above the USD 1.12 level and it might rise further to test the USD 1.20 resistance zone.
Dogecoin (DOGE) declined heavily below the USD 0.25 support and it even spiked below the 1.20 level. It traded close to USD 1.15 before starting a recovery wave. DOGE is now back above USD 0.22 and it might clear the USD 0.25 resistance zone in the coming sessions.
XRP price declined below the USD 1.10 support and it even spiked below the USD 1.00 level. It tested the USD 0.88 level and recently started an upside correction. The price is back above USD 1.10 and it might soon revisit the USD 1.18 and USD 1.20 resistance levels.
Other altcoins market today
Many altcoins dived over 15%, including XVG, DGB, IOST, STX, FLOW, BTMX, RVN, SC, CRO, BSV, ONT, FTM, QTUM, OMG, and XEM. Conversely, BTG is still in green and is trading above USD 90.
To sum up, bitcoin price is recovering above USD 49,500 and USD 50,000. However, BTC must close above USD 50,000 to continue higher. If not, there could be a fresh decline to USD 47,500.