Bitcoin price gained pace above the USD 57,500 resistance zone. However, BTC failed to settle above the USD 58,000 resistance. It started a downside correction and it is currently (12:20 PM UTC) trading well below USD 57,000.
Besides, most major altcoins are correcting gains. ETH traded to a new all-time high near USD 4,375 before correcting lower. XRP/USD spiked towards USD 1.55, where it faced a strong selling interest.
Total market capitalization
After a steady increase, bitcoin price broke the USD 57,500 resistance. However, there was no follow up move and BTC failed to test USD 58,500. As a result, there was a bearish reaction below the USD 57,500 level. The price traded below the USD 56,500 support. If there are more losses, the price could decline towards the USD 55,500 support zone.
On the upside, an initial resistance is near the USD 57,000 level. The first key resistance is near USD 57,500, above which the bulls might aim for a break above USD 58,500.
Ethereum price extended its rally above the USD 4,300 level. ETH traded to a new all-time high near USD 4,375 before it corrected lower. There was a break below the USD 4,300 level, but the price is stable and trading well above USD 4,200.
On the upside, a fresh close above USD 4,300 could open the doors for another rally. The next major resistance on the upside is near the USD 4,375 high.
“Once again, the surge is likely a consequence of massive interest in DeFi projects, and while many have claimed that ETH is overpriced, the coin continues to skyrocket, with the next milestone expected to be at USD 4,500, and then, potentially even USD 5,000,” Greg Waisman, Co-founder and Chief Operating Officer of payments network Mercuryo, told Our.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) failed to test the USD 700 resistance and it corrected lower. BNB traded below USD 670, but it is stable above the USD 650 support. As long as there is no downside break below USD 650, there are chances of a fresh increase towards the USD 700 level.
Litecoin (LTC) topped near the USD 395 level and the bulls were not able to test USD 400. LTC is now consolidating above USD 365 and it might climb higher. A clear break above USD 385 could increase the chances of a break above USD 400.
Dogecoin (DOGE) is consolidating below the USD 0.500 resistance level. To start a steady increase, the price must clear USD 0.525. In this case, the price could accelerate higher towards the USD 0.600 level. If not, it could decline towards the USD 0.465 support.
XRP price spiked to test the USD 1.55 resistance. There was no upside continuation, and the price trimmed gains. It declined below USD 1.50, but the bulls are protecting the USD 1.45 support. If there is a fresh increase, the price could clear USD 1.50.
Other altcoins market today
Many altcoins climbed over 10%, including EOS, ZEC, MATIC, SUSHI, YFI, AAVE, SNX, KSM, LEO, UNI, AVAX, BSV, and OMG. Out of these, EOS is still trading above the USD 13.00 level after it jumped by 40% in a day.
To sum up, bitcoin price is still struggling to continue higher above USD 58,000 and USD 58,500. BTC remains at a risk of a sharp decline if it continues to remain below USD 60,000.