Bitcoin price attempted a decent recovery after a strong decline to USD 46,000. BTC corrected above USD 50,000, but it failed to continue higher above USD 52,000. The price dropped below USD 49,000, but is currently (12:29 PM UTC) back above the USD 50,000 level.
Most major altcoins are following a similar path. ETH failed to settle above USD 4,000 and it declined below the USD 3,850 support, but is now showing positive signs. XRP/USD broke the USD 1.30 support zone, before starting to move higher again.
Total market capitalization
After a steady recovery from USD 46,000, bitcoin price climbed above the USD 50,000 level. BTC even cleared the USD 51,000 level, but it failed to clear USD 52,000. As a result, there was a fresh decline below the USD 50,000 support zone. An immediate support is near the USD 48,500 level. The main support is now forming near the USD 47,200 level.
If there is a stronger increase, the price might clear the USD 51,000 level. The main resistance is still near USD 52,000, above which the price could start a steady increase.
Ethereum price faced a strong selling interest near the USD 4,050 level. ETH reacted to the downside and traded below the USD 3,850 support. It even broke the USD 3,750 level. The first key support is near the USD 3,650 level, below which the price could grind lower towards the USD 3,500 support zone.
On the upside, the bulls might face sellers near the USD 3,850 level. The key breakout zone is now forming near the USD 4,000 and USD 4,050 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is trading below the USD 600 level. BNB might remain stable above the USD 580 support. If the bulls fail to protect USD 580, the next key support could be USD 550. Conversely, a daily close above USD 600 might start a stronger increase.
Litecoin (LTC) failed to gain momentum above the USD 335 and USD 340 levels. LTC traded below the USD 325 support. The main support is still near USD 300, below which there is a risk of a larger decline in the near term.
Dogecoin (DOGE) is attempting an upside break above the USD 0.400 and USD 0.405 resistance levels. The first major resistance is near USD 0.425, above which the price might surge towards USD 0.465. Conversely, there could be a fresh decline towards the USD 0.365 support.
XRP price started a fresh decline from well above USD 1.34. It broke the USD 1.30 support before moving higher again. The next major support for the bulls could be USD 1.25. On the upside, USD 1.32 is a short-term hurdle.
Other altcoins market today
Many altcoins dived over 15%, including SHIB, REV, TEL, EOS, BTG, QTUM, ETC, SC, ZEC, BCH, FIL, XVS, DGB, OMG, ZRX, (BA)KE, and BSV. Conversely, NANO is up over 50% and it even surpassed USD 14.00, before correcting lower again.
To sum up, bitcoin price is struggling to recover above USD 51,000 and USD 52,000. A daily close above USD 52,000 could be a strong signal of a fresh upward move in the near term.