Bitcoin price began a downward correction from the high of $ 58,360. BTC has broken the USD 57,000 and USD 56,200 support levels to enter a short-term support zone. It even broke the USD 54,000 support and is currently (13:00 UTC) down over 5%.
Similarly, there were additional losses on most of the large altcoins. ETH broke the USD 1,850 support and even traded below USD 1,800. The XRP / USD gained 20% but did not exceed USD 0.650 and quickly reduced most of its gains.
Total market capitalization
After the Bitcoin price rose briefly above USD 58,600, a downward correction began. BTC traded below the USD 56,200 support level and even broke the USD 54,000 support zone. The price is trading well below USD 54,000 and it appears that the price could continue to decline towards the USD 52,500 support zone.
On the upside, previous support at USD 55,000 could act as resistance. The next major resistance is at $ 56,200, above which the price could rise towards $ 57,500.
Ethereum price failed to rebound above USD 1,950 and extend its decline below the USD 1,850 support zone. ETH even broke the USD 1,800 and it appears that the price may decline towards the USD 1,750 support zone. Further losses could potentially require a move towards USD 1,720.
On the upside, the USD 1,850 level could act as resistance. The main resistance is now forming near the USD 1,900 level.
BNB, Litecoin and XRP price
Binance Coin (BNB) is down over 10%, accelerating losses below the USD 265 support. If the BNB settles below USD 250, there is a possibility of a move towards USD 225. On the upside, the USD 280 and USD 285 levels could prevent an upside move. The main barrier is now forming near the USD 300 level.
Litecoin (LTC) is down 10% accelerating losses below USD 220. LTC is now approaching the USD 205 support level. If there is a downside break below USD 200, the price could potentially fall further towards the USD 185 support zone. On the upside, the price could face hurdles near USD 220.
The XRP price rose 20% above USD 0.600 but did not stay in the positive zone. It reduced most of its gains and broke the USD 0.600 support. The price is now moving towards the USD 0.565 and USD 0.550 support levels. On the upside, the bulls could face sellers near USD 0.600.
Other altcoin market today
Many altcoins are down over 10%, including XVS, MATIC, REN, ICX, VGX, CAKE, FLOW, DGB, RUNE, UNI, AVAX, WAVES, and NEAR. Conversely, IOST, HOT, FTM, KCS and BTG rose by over 15%, while CRO rose sharply.
In summary, the Bitcoin price is falling and trading well below USD 54,000. If BTC continues to move down, there is a possibility of a decline towards the USD 52,500 level.
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