Bitcoin price extended its upward move above the USD 58,500 resistance, but it failed to remain in a positive zone. BTC topped near USD 59,000 and started a fresh decline. It broke the USD 56,500 support and it is currently (04:30 UTC) consolidating near USD 55,500.
Similarly, most major altcoins are correcting gains. ETH extended its rally and it traded to a new all-time high above USD 3,450. XRP/USD is correcting gains and it might test USD 1.445 or even USD 1.420.
Total market capitalization
After a spike above USD 58,500, bitcoin price faced sellers near the USD 59,000 zone. BTC failed to continue higher towards USD 60,000 and started a fresh decline. It broke many key supports near USD 57,000 and USD 56,500. The price even spiked below the USD 55,000 level.
It is now correcting losses and trading above USD 55,500. On the upside, the first major resistance is near the USD 56,500 level, followed by USD 57,000.
Ethereum price outpaced bitcoin and it climbed further above the USD 3,200 level. ETH rallied above USD 3,400 and it traded to a new all-time high above USD 3,450. It is now correcting lower and trading around USD 3,300.
An initial support on the downside is near the USD 3,200 level. The first major support is near USD 3,120, below which the price might revisit USD 3,000.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) topped near the USD 680 level before it started a downside correction. BNB declined below USD 650 and it is now trading near USD 635. If there are more downsides, the price could test the USD 615 support. The next major support sits at USD 600.
Cardano (ADA) failed to clear the USD 1.385 and USD 1.400 resistance levels. As a result, there was a bearish reaction below the USD 1.320 support. The price even broke the USD 1.300 support and it seems like it might continue to move down towards the USD 1.280 support.
Dogecoin (DOGE) remained elevated and it cleared the USD 0.385 resistance. DOGE even surged above USD 0.400 and tested USD 0.420. If there is a close above USD 0.420, the price might rise further towards the USD 0.445 and USD 0.450 resistance levels.
XRP price formed a short-term top near the USD 1.62 level before correcting lower. It broke the USD 1.50 support level and it even failed to stay above USD 1.48. The next key support is at USD 1.445, below which the bears might aim for a test of the USD 1.42 support zone.
Other altcoins market today
A few altcoins gained over 5%, including WAVES, ETC, FLOW, RUNE, OMG, and BTG. Out of these, WAVES remained well bid above the USD 30 pivot level. Meanwhile, LUNA, DGB, and FTM are down by more than 8%.
Overall, bitcoin price started a downside correction after it struggled to test USD 60,000. If BTC fails to stay above the USD 55,000 and USD 54,000 support levels, there is a risk of a drop towards the USD 51,200 level.