Bitcoin price rebounded above USD 48,000 and tested the USD 50,000 resistance. BTC is currently consolidating (12:30 UTC) above the USD 48,000 support zone. Another attempt could be made to clear USD 50,000 as long as there is no closing price below USD 48,000.
Also, most of the big altcoins hold profits. ETH has tested the USD 1,600 resistance and is consolidating above USD 1,550. XRP / USD struggled clearing USD 0.450 and is now correcting lower towards USD 0.425.
Total market capitalization
After testing the USD 50,000 zone, Bitcoin price began a short-term downward correction. BTC fell below USD 49,200 and USD 49,000. However, it holds profits above USD 48,400 and USD 48,000. If there is a significant break below USD 48,000, the bears could test USD 46,500.
On the upside, the USD 50,000 level is an immediate area of resistance. A significant break above the $ 50,000 level could increase the likelihood of a push towards the $ 52,000 hurdle.
The price of the Ethereum has been corrected lower against the USD 1,600 resistance zone. ETH fell below USD 1,580 but is holding gains above USD 1,550. The next major support is at $ 1,520, followed by $ 1,500. Further losses could require a test of the $ 1,450 level.
On the upside, the price could face sellers near the USD 1,600 level. A daily close above USD 1,600 could increase the likelihood of pressure on the USD 1,650 and USD 1,665 levels.
BNB, ADA, Litecoin and XRP prices
Binance Coin (BNB) tested the USD 265 resistance before correcting the lower value. The NBB is now flirting with the $ 250 level. If there are other downsides, the $ 242 level could act as support. Conversely, the bulls could seek a break above the USD 265 resistance.
Cardano (ADA) was stable above the USD 1,200 support zone. It is showing positive signs and could move higher towards the USD 1.265 and USD 1.280 levels. The first major resistance is near the USD 1,300 level. If ADA doesn’t stay above USD 1,200, the next stop could be USD 1,150.
Litecoin (LTC) is trading above the USD 172 level testing the USD 180 zone. Immediate resistance is near the USD 185 level above which the bulls could potentially test the USD 200 resistance.
XRP price tried to clear the $ 0.450 resistance before correcting down. It tested the USD 0.432 support. The next major support is near the $ 0.425 level. On the upside, a close above USD 0.450 could trigger a sharp spike.
Other altcoin market today
Many altcoins rose over 10%, including ENJ, FLOW, CRV, THETA, XEM, COMP, BRT, RUNE, SUSHI, SNX, BCH, MANA, LINK and UNI. Of these, ENJ rose nearly 40%, hit USD 0.866 and increased its weekly earnings to 58%.
In conclusion, the Bitcoin price holds profits above USD 48,000. BTC needs to gain strength over USD 50,000 and USD 51,000 for a break. If not, it could resume its decline below USD 48,000.
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