Crypto Market slows as Bitcoin, Ethereum and Altcoins Recovery Unravels
Bitcoin price failed to settle above the USD 57,000 resistance, resulting in a strong decline. BTC broke many important supports near USD 55,000 to enter a bearish zone. It even broke the USD 53,000 support and it is currently (05:30 UTC) consolidating losses near USD 52,000.
Similarly, most major altcoins declined sharply. ETH is down 5% and it even broke the USD 1,600 support zone. XRP/USD trimmed most of its gains and settled below USD 0.500.
Total market capitalization
After a recovery above USD 55,500, bitcoin price failed to settle above the USD 57,000 resistance. A high was formed near USD 57,200 before the price started a major decline. It broke the USD 55,500 and USD 55,000 support levels. The bears even pushed the price below USD 53,000 and the price tested USD 51,500.
If there are more losses, the bears might test the USD 50,000 support zone. Conversely, a recovery wave could face sellers near the USD 53,000 and USD 53,200 levels.
Ethereum price also followed bitcoin and it declined over 5%. ETH broke the USD 1,650 and USD 1,600 support levels. The bulls are now protecting the key USD 1,550 support. If there are more losses, the price might test the USD 1,500 level.
On the upside, the USD 1,600 is a short-term hurdle. The main resistance is now forming near the USD 1,650 level (the recent breakdown region).
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) broke the USD 250 support level and extended its decline. BNB is now consolidating above USD 240, with a risk of more downsides towards the USD 230 and USD 225 levels. Any more downsides could lead the price towards the USD 200 level.
Cardano (ADA) is still above the USD 1.050 support zone, which is a positive sign. It seems like ADA might continue to trade in a range above the USD 1.000 and USD 1.050. If there is a bearish break below USD 1.000 and USD 0.998, the price could drop sharply. On the upside, the USD 1.120 level is an immediate resistance, followed by USD 1.150.
Litecoin (LTC) topped near the USD 195 level and declined heavily. LTC even broke the USD 180 support level and tested the USD 172 zone. It is now consolidating losses and there could be a drop towards the USD 165 level. On the upside, the USD 180 level may now act as a hurdle.
XRP price topped near the USD 0.600 level and started a fresh decline. The bears took control and pushed the price below the USD 0.500 support level. The bulls are now defending the USD 0.450 support and there might be a fresh increase above the USD 0.500 level.
Other altcoins market today
Several altcoins declined over 10%, including TFUEL, MIOTA, THETA, FTM, ZRX, OMG, ONT, BTMX, REN, NEAR, SUSHI, CRV, DOT, STX, SC, RSR, EGLD, and UNI. Conversely, NPXS and VGX are up over 10%.
Overall, bitcoin price broke the main USD 53,200 and USD 53,000 support levels. If there is no quick close back above USD 53,200, there could be a drop towards the USD 50,000 support.
Source – Crypto News