Bitcoin price extended its upward move above the USD 56,000 level, but it struggled to clear the USD 56,500 resistance and started a downside correction. It is currently (04:30 UTC) trading below USD 55,000 and it seems like it could even test USD 53,250.
Besides, most major altcoins are still trading in a positive zone. ETH climbed further higher above USD 2,720 and it traded to a new all-time high near USD 2,760. XRP/USD is correcting lower and it settled below the USD 1.40 level.
Total market capitalization
After an upside break above USD 55,500, bitcoin price extended its rise. BTC even spiked above the USD 56,000 level. However, the bears were active near the USD 56,500 zone. There was no upside continuation and the price corrected lower below USD 55,500. The price even broke the USD 55,000 level and it is struggling to stay above USD 54,000.
If there are more losses, the price could test the USD 53,250 support zone. On the upside, the USD 55,000 and USD 55,500 levels are important hurdles for the bulls.
Ethereum price remained in a steady uptrend and it gained pace above the USD 2,700 level. ETH even spiked above the USD 2,750 level before correcting lower. It is now trading below USD 2,700, but there is a major support waiting near the USD 2,650 level.
On the upside, an immediate resistance is near the USD 2,740 and USD 2,750 levels. A successful close above USD 2,760 might lead the price towards the USD 2,800 level.
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) is consolidating gains above the USD 550 pivot level. If BNB stays above USD 550, it might start a strong increase above the USD 575 and USD 580 resistance levels. If not, there is a risk of a drop towards the USD 525 support level.
Cardano (ADA) is consolidating above the USD 1.30 support zone. On the upside, ADA is facing strong resistance near the USD 1.35 level. A clear break above USD 1.35 might push the price towards the USD 1.42 and USD 1.45 levels.
Dogecoin (DOGE) is up almost 20% and it is trading above the USD 0.30 level. DOGE even cleared the USD 0.32 resistance and it seems like the bulls are aiming for a test of the USD 0.35 level. Any more gains could open the doors for a move towards the USD 0.40 level.
XRP price failed to stay above the USD 1.40 level and it extended its downside correction. It tested the USD 1.38 support. If the bears remain active, there is a risk of a drop towards the USD 1.35 support level. On the upside, the first key resistance is at USD 1.42, followed by USD 1.45.
Other altcoins market today
A few altcoins gained over 5%, including FTM, 1INCH, CAKE, ICX, UNI, and MANA. Conversely, VGX, IOST, WAVES, ONE, DGB, HNT, and SC are down over 5%.
Overall, bitcoin price is correcting gains and trading well below USD 55,000. BTC might revisit USD 53,250, below which the bears could gain strength in the short-term.