Bitcoin Dips While Altcoins Gain Bullish Momentum

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  • Bitcoin price started a fresh decline after it failed near USD 57,000.
  • Ethereum is stuck below USD 3,500, XRP is still trading below USD 1.12.
  • BNB extended its rally and surpassed USD 450.

Bitcoin price failed to surpass the USD 57,000 resistance zone. BTC corrected lower below USD 56,000 and USD 55,000. It is currently (11:30 UTC) trading below USD 55,000, but it might find bids near the USD 54,000 and USD 53,500 levels.

Besides, most major altcoins are stuck in a range. ETH is facing resistance near USD 3,500 and USD 3,550. XRP is struggling to clear the USD 1.12 resistance zone. ADA could revisit USD 2.05 if it stays below USD 2.15.

Total market capitalization

Source: https://www.tradingview.com

Bitcoin price

After another failed attempt above USD 57,000, bitcoin price started a fresh downside correction. BTC declined below the USD 56,000 and USD 55,500 levels. The price even declined below the USD 55,000 support and it might continue to move down towards USD 54,000. The next major support is near USD 53,500, below which there is a risk of a larger decline.

On the upside, the price is facing resistance near the USD 55,200 level. The first major resistance is near USD 55,500, above which the price could accelerate higher in the near term.

Ethereum price

Ethereum price remained below the USD 3,550 pivot level. ETH could extend its decline if the price fails to stay above the USD 3,400 support. The next major support sits at USD 3,350, below which the bears might drop towards the USD 3,200 level.

If there is a fresh increase, the bulls might struggle near USD 3,500. The first key resistance is now forming near the USD 3,550. Any more gains could set the pace for a move towards the USD 3,650 level.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 2.10 level. If ADA manages to surpass USD 2.15, it could rise steadily. The next key resistance is near USD 2.20, above which the price may possibly gain pace towards the USD 2.32 and USD 2.35 levels.

Litecoin (LTC) is attempting a recovery wave above the USD 170 level. An initial resistance is near USD 172. A close above USD 175 might set the pace for a steady increase. If not, the price might decline towards the USD 165 level. The next key support is near the USD 155 level.

Dogecoin (DOGE) is consolidating near USD 0.220. It might start a fresh increase above the USD 0.232 level. The main hurdle is near USD 0.250, above which the price could rise towards the USD 0.250 level. Conversely, there is a risk of a move towards the USD 0.200 support.

XRP price is stuck below the USD 1.12 resistance level. The first key hurdle is near USD 1.15, above which the price might rise towards USD 1.20. If there is no upside break above USD 1.12, the price could decline towards the USD 0.950 level.

Other altcoins market today

Many altcoins are up over 5%, including BNB, STX, CAKE, PERP, ONE, XLM, TEL, CHZ, CELO, AVAX, EGLD, and CRV. Out of these, BNB rallied over 12% and surpassed the USD 450 level.

To sum up, bitcoin price is slowly moving lower below USD 55,000. If BTC fails to stay above USD 53,500, it could start a larger decline towards the USD 50,000 level.

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