Bitcoin price failed to continue higher above USD 56,000 and started a fresh decline. BTC traded below the USD 55,000 support level and it is currently (12:30 PM UTC) showing a few bearish signs. If there is a break below USD 54,200, the bears might aim for a test of USD 52,000.
Similarly, there were bearish moves in most major altcoins. ETH is now trading well below the USD 1,800 and USD 1,820 resistance levels. XRP/USD is also declining and it is approaching the USD 0.450 support. Conversely, ADA is holding gains above USD 1.200.
Total market capitalization
After a failed attempt above USD 56,000, bitcoin price started a fresh decline. BTC broke the USD 55,000 support, with a bearish angle. An immediate support is near the USD 54,200 level. A successful break below USD 54,200 could lead the price towards the USD 53,200 support.
The next major support sits at USD 52,000. On the upside, the USD 56,000 level is a key barrier in the short-term. The next major resistance is near USD 56,500, followed by USD 57,000.
Ethereum price failed to clear the USD 1,800 resistance and moved lower. ETH is consolidating near USD 1,750, with a strong support near USD 1,710 and USD 1,700. Any more losses could lead the price towards the USD 1,660 level.
On the upside, the bulls might struggle near USD 1,800 and USD 1,820. A daily close above USD 1,820 may possibly start a steady increase in the coming sessions.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is consolidating near the USD 250 level. If BNB remains stable, it could rise towards the USD 262 and USD 265 resistance levels. Conversely, there is a risk of a downside break below the USD 240 support zone.
Cardano (ADA) remains strong and it is holding gains above the USD 1.200 level. If ADA clears the USD 1.250 resistance zone, there are chances of another rally. The next major resistance is near the USD 1.320 and USD 1.350 levels. On the downside, the USD 1.200 level might act as a support.
Litecoin (LTC) is moving lower and it is testing the USD 195 support. If LTC continues to move down, it could test the USD 180 support zone. On the upside, the price must settle above USD 200 and USD 205 for a sustained upward move in the near term.
XRP price is trimming gains and it is declining towards the USD 0.450 support level. If there are more losses, the bears might test the USD 0.420 level. On the upside, the USD 0.465 level is again a key resistance, followed by USD 0.480.
Other altcoins market today
Several altcoins climbed over 8%, including FIL, (BA)T, ZIL, 1INCH, AVAX, DGB, CHSB, and MATIC. Out of these, FIL rallied over 25% and it broke the USD 65.00 level.
To sum up, bitcoin price is struggling to recover above USD 56,000 and USD 56,500. If BTC slides below USD 54,200, there is a risk of a larger decline to USD 52,000.