Bitcoin price failed to stay in the positive zone above USD 50,000. BTC extended its decline below the USD 48,000 support zone. It even tested the USD 46,200 support zone and it is currently (05:00 UTC) struggling to start a steady recovery wave.
Similarly, most major altcoins are moving lower. ETH broke the USD 1,500 support and tested the USD 1,450 zone. Conversely, XRP/USD is up 4% and it is holding gains above USD 0.450.
Total market capitalization
After a close below USD 50,000, bitcoin price struggled to start a fresh increase. As a result, there was a bearish reaction below the USD 49,000 and USD 48,000 levels. It even broke the USD 47,000 level and traded close to the USD 46,200 support zone. It is now consolidating above USD 46,200, with a major hurdle near USD 48,000.
If there is no recovery above the USD 48,000 resistance, there is a risk of more downsides. The first key support is near USD 46,200, below which the price could test USD 45,000.
Ethereum price also followed bitcoin and traded below the key USD 1,550 support zone. ETH even dived below USD 1,500 and tested the USD 1,450 support. It is struggling to climb above USD 1,500 and it seems like the bears are aiming for a test of USD 1,400.
On the other hand, the bulls might struggle to push the price above USD 1,500. The key resistance is now forming near the USD 1,550 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is down over 8% and it even broke the USD 232 support. BNB is trading well below USD 225 and it seems like it could soon test the USD 205 support. The next major buy zone is near the USD 200 level. On the upside, the previous support at USD 232 might prevent gains.
Cardano (ADA) is also gaining bearish momentum below the USD 1.150 and USD 1.100 support levels. ADA even traded below USD 1.050. Any more losses could possibly lead the price below the main USD 1.000 support zone in the near term.
Litecoin (LTC) retreated from USD 195 and traded below the key USD 185 support. LTC is now trading below USD 172 and it could continue to move down towards the USD 165 support. If there is a decent recovery, the previous support at USD 185 could act as a resistance for the bulls.
XRP price is up over 4% and it is holding gains above the USD 0.450 level. There was also a spike above the USD 0.480 resistance, but the bulls struggled near USD 0.500. If there is a downside break below USD 0.450, the price could slide towards USD 0.420.
Other altcoins market today
A few altcoins gained over 8%, including CHZ, ZKS, STX, TFUEL, THETA, ENJ, MANA, HBAR, and FLOW. Conversely, CAKE, CRV, MATIC, SNX, DOT, ALGO, ATOM, AVAX, CELO, and FTM are down over 10%.
Overall, bitcoin price is showing a few bearish signs below the USD 48,000 support level. If BTC remains below USD 48,000, it could possibly slide towards USD 45,000 in the short-term.