Yesterday, bitcoin price saw a recovery wave above the USD 56,500 pivot level. However, BTC failed to continue higher above the USD 57,500 and USD 58,000 resistance levels. It started a fresh decline and it is currently (04:30 UTC) trading well below USD 56,000.
Similarly, most major altcoins are showing a few bearish signs. ETH is declining and it is now trading below USD 2,150. XRP/USD extended its decline below the USD 1.30 support zone. DOGE jumped 20% and it moved to the 5th spot above USDT.
Total market capitalization
After an upside correction, bitcoin price failed to gain traction above USD 57,500. BTC remained well below USD 58,000 and it started a fresh decline. As a result, there was a break below the USD 56,500 and USD 56,000 support levels. It even broke USD 55,000 and it might continue to move down towards USD 53,500. The next major support is near USD 52,000.
On the upside, an initial resistance is near the USD 56,000 level. The first major resistance is now forming near the USD 56,500 level.
Ethereum price also followed bitcoin and started a fresh decline from the USD 2,275 zone. ETH traded below the USD 2,200 support zone and it even spiked below USD 2,100. On the downside, the USD 2,000 support holds the key, below which there could be a sharp decline.
On the upside, the USD 2,175 level is an initial resistance. The main resistance is now forming near the USD 2,200 level, above which the price could revisit USD 2,275.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) failed to stay above the USD 505 and USD 500 support levels. BNB is now consolidating near the USD 480 support. If there are more losses, there is a risk of a move towards the USD 455 and USD 450 support levels.
Cardano (ADA) is down 10% and it is now trading below the USD 1.200 support. If ADA breaks the USD 1.15 support, it could test the USD 1.00 support zone in the coming sessions. On the upside, the USD 1.22 and USD 1.25 levels are major hurdles.
Dogecoin (DOGE) outperformed BTC and ETH, with a strong move above the USD 0.35 level. DOGE gained over 20% and it might accelerate higher above the USD 0.40 level. The next major resistance or stop for the bulls could be USD 0.50.
XRP price extended its decline below the USD 1.32 and USD 1.30 support levels. It is now trading near the USD 1.25 support. Any more losses could lead the price towards the key USD 1.18 support zone.
Other altcoins market today
Many altcoins declined over 15%, including HNT, RUNE, KSM, ZEN, UMA, RSR, YFI, MIOTA, XTZ, ZIL, QTUM, KCS, ONT, ZEC, IOST, SC, ALGO, and NEO. Conversely, STX is up over 25% and it broke the USD 2.50 level.
Overall, bitcoin price started a fresh decline below USD 56,000. If BTC fails to stay above USD 54,000, there is a risk of more downsides towards USD 52,000 or even USD 51,200.