Bitcoin price struggled to recover above the USD 55,500 resistance zone. BTC topped near USD 55,650 level and started a fresh decline. It is currently (05:30 UTC) trading below USD 54,500 and it remained at a risk of more downsides.
Similarly, most major altcoins are struggling to recover. ETH is trading well below USD 1,710 and it could dive below the USD 1,650 support. XRP/USD is trimming gains and it even broke the USD 0.550 support zone.
Total market capitalization
After a failure to settle above USD 55,500, bitcoin price started a fresh decline. BTC broke the USD 55,000 and USD 54,500 support levels. The price is now struggling to stay above USD 54,000 and USD 53,800. It seems like the bears are aiming for more losses below the USD 53,200 and USD 53,000 support levels.
If there is a fresh increase, the USD 55,000 and USD 55,500 levels might prevent upsides. A close above USD 55,500 might open the doors for a move towards the USD 57,000 resistance.
Ethereum price also failed to settle above the USD 1,710 resistance and declined again. ETH broke the USD 1,680 support it seems to be struggling above USD 1,660. If there is a downside break below USD 1,660 and USD 1,650, the price could dive towards the USD 1,600 level.
On the upside, the USD 1,710 is a short-term pivot level. The main resistance still stands near USD 1,750, above which the bulls might gain strength.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is trading near the USD 250 support. If there is a clear downside break below USD 250, there is a risk of a drop towards the USD 225 support. Conversely, the price might start a fresh increase towards the USD 265 resistance or even USD 272 in the near term.
Cardano (ADA) is moving lower towards the USD 1.050 support level. The next key support is near the USD 1.00 and USD 0.998 levels. If the bulls fail to protect USD 0.998, there could be a strong increase in selling pressure. If not, the price could bounce back towards the USD 1.200 resistance.
Litecoin (LTC) stayed above the USD 180 support and is rising towards the USD 195 resistance. The key breakout zone is still near USD 200, above which the price might grind higher towards the USD 220 level.
XRP price failed to hold gains, and extended its decline below the USD 0.565 and USD 0.550 support levels. It seems like the price might continue to move down towards the USD 0.532 and USD 0.520 support levels. On the upside, the USD 0.565 level could act as a short-term resistance.
Other altcoins market today
Several altcoins gained over 10%, including ANKR, TFUEL, THETA, CRV, ENJ, BTMX, ONT, and ONE. Out of these, ANKR and TFUEL surged over 30%.
Overall, bitcoin price is showing bearish signs below USD 55,000. It seems like BTC could accelerate losses below the USD 53,200 and USD 53,000 support levels in the near term.