Bitcoin price has fallen over 10% and has broken many key supports near USD 55,000 and USD 52,000. BTC is currently (05:00 UTC) having trouble settling itself above USD 50,000. A daily close below $ 50,000 could potentially open the doors for further losses towards $ 45,000.
Similarly, most of the major altcoins have had strong bearish moves. ETH / USD is down over 15% and struggling to stay above USD 1,600. Conversely, there has been no significant decline in XRP / USD and it is stable near the USD 0.525 support.
Total market capitalization
Bitcoin price fell sharply below the USD 55,000 support zone. BTC has even surpassed the USD 50,000 support level and risks further losses. A daily close below $ 50,000 may incur additional losses. The next major support is at $ 47,500, below which the price could test the $ 45,000 level.
On the upside, the USD 52,000 level is a major resistance. The main resistance is now forming near the USD 54,500 and USD 55,000 levels.
The price of Ethereum fell above USD 400 and broke many key supports near USD 1,850 and USD 1,750. ETH is now struggling to stay above the USD 1,600 support. The next major support is near the USD 1,550 level below which price may revisit the USD 1,450 support.
On the upside, the USD 1,720 level is a short term resistance. To start a new spike, the bulls will need to gain strength in the short term above the USD 1,750 pivot level.
BNB, Litecoin and XRP price
Binance Coin (BNB) did not stay in the positive zone and broke the USD 250 support zone. The BNB is moving down, nearing the USD 225 support. The next big support for the bulls could be USD 200. On the upside, the price faces hurdles near USD 275 and USD 280.
Litecoin (LTC) is gaining momentum below the USD 220 and USD 200 support levels. LTC is now testing the USD 185 support level. If there are other drawbacks, the price could drop further to the USD 175 level. On the positive side, the previous support at USD 200 could act as resistance in the short term.
XRP price is stable near the USD 0.525 support zone. Similar to Bitcoin and Ethereum, there hasn’t been a sharp drop, but there is a risk of a drop towards the USD 0.512 and USD 0.505 support levels. On the upside, the price could be facing hurdles near the USD 0.540 and USD 0.550 levels.
Other altcoin market today
Many altcoins were down over 10%, including BTT, DODO, EGLD, BRT, WAVES, ONT, 1 ZOLL, SC, CRV, OCEAN, DGB, UMA, AAVE, ICX, IOST, OMG, ALGO, BSV, ETC, ZIL and asked . Conversely, CRO is trading above USD 0.175 with gains above 29%.
Overall, the Bitcoin price is gaining a bearish momentum below USD 52,000. It appears that BTC could accelerate further below USD 50,000 and USD 49,000 in the upcoming sessions.
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