- Bitcoin price is facing an uphill task below USD 58,000.
- Ethereum is consolidating gains, XRP hovers around USD 1.00 resistance.
- SOL jumped 8% and broke the USD 220 level.
Bitcoin price struggled to clear USD 58,500 and corrected lower. BTC is currently (11:59 UTC) declining and trading below USD 57,200. A close below USD 56,250 may perhaps spark a fresh bearish wave in the near term.
Besides, most major altcoins are trading in a positive zone. ETH tested USD 4,780 before correcting a few points. XRP could gain pace if there is a close above USD 1.00. ADA must clear the USD 1.60 for a stronger increase.
Total market capitalization
Bitcoin price
After a downside break below USD 57,500, bitcoin price failed to start a fresh increase. BTC even declined below USD 57,000 and it might continue to move down. The next major support is now forming near the USD 56,250 level, below which the price might extend losses. In this case, it could decline towards the USD 55,500 level.
On the upside, the price is facing resistance near the USD 57,800 level. The next major resistance is near the USD 58,000 and USD 58,500 levels.
Ethereum price
Ethereum price rallied above the USD 4,600 and USD 4,650 resistance levels. ETH even spiked above USD 4,700 and traded close to USD 4,800. It is now consolidating gains, with an immediate support at USD 4,650. The next major support is near the USD 4,550 level.
If there is a fresh increase above USD 4,780, the price could accelerate higher. The next key stop for the bulls may possibly be USD 5,000.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) is still trading below the USD 1.60 resistance. A close above the USD 1.60 level may push the price towards USD 1.62. Any more gains might start a strong increase to USD 1.70. If not, it could drop towards the USD 1.52 support.
Binance coin (BNB) is gaining pace above USD 632. It even surpassed USD 640 and it seems like the price might soon test USD 650. An upside break above USD 650 may perhaps lead the price towards the USD 675 level.
Solana (SOL) rallied 8% and it broke the USD 212 resistance. There was also a break above USD 220 and the price spiked towards USD 225. Any more gains may possibly push the price towards the USD 240 level.
SHIB is down almost 14% and there was a break below the USD 0.0000465 level. It is now approaching the USD 0.000045 level. Any more losses might open the doors for a move towards USD 0.0000420 support level.
XRP price is consolidating near the USD 1.00 level. If the bulls gain strength, the price could rise towards the USD 1.05 level. Conversely, the price might decline towards the USD 0.950 support. The next major support is near the USD 0.92 level.
Other altcoins market today
Many altcoins are up over 8%, including VGX, STX, KLAY, CRV, KCS, SOL, NEXO, MATIC, ALGO, LEO, and LUNA. Out of these, STX gained 17% and surpassed the USD 2.85 level.
To sum up, bitcoin is struggling below USD 58,000 while ethereum is rising. If BTC breaks USD 56,500, it could dive towards the USD 55,500 level.
Source: Cryptonews
