Bitcoin and Ethereum Test Key Support, Altcoins Consolidate

  • Bitcoin price is consolidating above the USD 55,500 support.
  • Ethereum spiked below USD 4,500 before recovering losses, XRP faces a hurdle near USD 1.0.
  • SOL is showing positive signs above USD 220.

Bitcoin price extended decline below the USD 56,500 support. However, BTC stayed above the USD 55,500 support. It is slowly recovering and is currently (11:30 UTC) facing resistance near 57,200. The main hurdle is still near USD 58,000.

Besides, most major altcoins are trading above key supports. ETH spiked below USD 4,500, but it stayed above USD 4,450. XRP is slowly moving higher towards the USD 1.00 resistance. ADA found support near USD 1.52 and recovered above USD 1.55.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a break below USD 56,500, bitcoin price even spiked below USD 56,000. However, the bulls defended the key USD 55,500 support zone. It is now rising and trading above USD 56,000. To continue higher, it must surpass the USD 57,200 resistance. The main resistance for a larger rally is now near the USD 58,000 level.

An initial support on the downside is near the USD 56,000 level. The key breakdown support sits at USD 55,000, below which there could be a sharp decline.

Ethereum price

Ethereum price failed to stay above the main USD 4,550 support level. ETH even dived below USD 4,500 before it found support near USD 4,450. It is now recovering losses and trading above USD 4,500. To start a fresh increase, the price must clear the USD 4,620 level.

If not, there is a risk of a fresh decline towards the USD 4,450 level. The next major support is near the USD 4,350 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) found support near USD 1.52 and remained stable above USD 1.50. It is slowly rising and trading above the USD 1.55 level. The main resistance is still near USD 1.60 and USD 1.62, above which the price could start a steady increase.

Binance Coin (BNB) retested the USD 600 support zone. It is forming a base for the next move, with an immediate resistance at USD 625. A clear move above USD 625 could send the price towards the USD 635 and USD 640 levels.

Solana (SOL) is still trading in a positive zone above the USD 220 level. There was also a break above the USD 225 level. An immediate resistance is near USD 232, above which the price could rise towards the USD 240 level or even USD 250.

SHIB declined towards the USD 0.000040 level. It is currently recovering losses and trading above the USD 0.000042 level. If there is a break above USD 0.0000432, the price may perhaps gain bullish momentum in the near term.

XRP price tested the USD 0.950 support level and is currently correcting losses. It is approaching USD 0.985, but the main hurdle is still USD 1.0. A close above USD 1.0 might set the tone for a move towards the USD 1.05 level.

Other altcoins market today

Many altcoins are still down over 6%, including STX, IMX, BAT, AUDIO, KCS, ZEN, AAVE, VGX, QNT, CAKE, WAXP, and LEO. Conversely, MATIC, OKB, LUNA, and UNI are up over 5%.

To sum bitcoin price is recovering losses above USD 56,000. However, BTC must clear hurdles near USD 57,200 and USD 58,000 to continue higher in the near term.
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