Bitcoin price struggled to break the USD 58,000 resistance zone. As a result, BTC reacted to the downtrend and traded under the USD 57,000 support. Currently (12:00 PM UTC) there are signs of further losses and it could drop below USD 56,000.
Likewise, most of the large altcoins are in decline. ETH has fallen over 5% and has even surpassed the $ 2,000 level. XRP / USD topped near USD 1,100 and corrected over 12%.
Total market capitalization
After losing momentum above USD 58,000, Bitcoin price began to decline again. BTC traded below the USD 57,200 and USD 57,000 support levels. The next major support is near the $ 55,500 level, below which there is a risk of a sharp decline in the upcoming sessions towards the $ 52,000 level.
On the upside, there is immediate resistance near the $ 57,000 level. The main resistance is now forming near the USD 57,000 and USD 57,200 levels.
The price of Ethereum failed to break the USD 2,120 resistance zone, causing a bearish reaction. ETH broke the USD 2,075 and USD 2,050 support levels. The price has even surpassed the $ 2,000 level and possibly tested the $ 1,920 support zone.
On the upside, the price could encounter resistance near USD 2,050. The main resistance is still near the USD 2,120 level, followed by the USD 2,150 level.
BNB, ADA, Litecoin and XRP prices
Binance Coin (BNB) topped near USD 415 and started a sharp decline. The NBB fell below the USD 385 and USD 380 support levels. It is now approaching the USD 350 support zone. Further losses could lead the price towards USD 332. On the upside, the price could struggle near USD 380 and USD 382.
Cardano (ADA) cut all gains and traded below the USD 1,200 support level. ADA even broke USD 1,165 and is now trading near USD 1,150. Further losses could require a move towards USD 1,050. On the upside, the bulls could struggle again near USD 1,200.
Litecoin (LTC) failed near USD 245 and a new decline began. LTC traded below the USD 225 support and is now approaching USD 212. The next major support is at USD 205. The main support is near the USD 200 level (the last major breakout zone).
The XRP price rose above USD 1.10 and recently started a downward correction. It was trading below the USD 1.02 and USD 1.00 support levels. If there are more losses, the bears will likely aim for a test to the $ 0.925 level. Conversely, there could be another rise above the USD 1.02 level.
Other altcoin market today
Many altcoins are down over 10%, including STX, DENT, CRO, FTM, FIL, EINS, ANKR, TRX, SC, UMA, BTT, XLM, ATOM, KSM, AAVE, and DOT. BTG and QTUM are still green, but they are also reducing their strong profits.
In summary, Bitcoin lost momentum above USD 58,000 and responded to the downtrend. If BTC drops below USD 55,500 it could result in a sustained decline.
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