Bitcoin price started a downside correction from the USD 58,360 high. BTC broke the USD 57,000 and USD 56,200 support levels to move into a short-term support zone. It even broke the USD 54,000 support and it is currently (13:00 UTC) down over 5%.
Similarly, there were additional losses in most major altcoins. ETH broke the USD 1,850 support and it even traded below USD 1,800. XRP/USD rallied 20%, but it failed to surpass USD 0.650 and it quickly trimmed most of its gains.
Total market capitalization
After forming a short-term top above USD 58,600, bitcoin price started a downside correction. BTC traded below the USD 56,200 support level and it even broke the USD 54,000 support zone. The price is trading well below USD 54,000 and it seems like the price might continue lower towards the USD 52,500 support zone.
On the upside, the previous support at USD 55,000 might act as a resistance. The next key resistance is near the USD 56,200, above which the price could rise towards USD 57,500.
Ethereum price failed to recover above USD 1,950 and extended its decline below the USD 1,850 support zone. ETH even broke the USD 1,800 and it seems like the price could head lower towards the USD 1,750 support zone. Any more losses may possibly call for a move towards USD 1,720.
On the upside, the USD 1,850 level might act as a resistance. The main resistance is now forming near the USD 1,900 level.
BNB, litecoin, and XRP price
Binance Coin (BNB) is down over 10% and it is accelerating losses below the USD 265 support. If BNB settles below USD 250, there are chances of a move towards the USD 225 level. On the upside, the USD 280 and USD 285 levels might prevent an upside break. The main barrier is now forming near the USD 300 level.
Litecoin (LTC) is down 10% and it is accelerating losses below USD 220. LTC is now approaching the USD 205 support level. If there is a downside break below USD 200, the price could possibly continue to move down towards the USD 185 support zone. On the upside, the price might face hurdles near USD 220.
XRP price rallied 20% above USD 0.600, but it failed to stay in the positive zone. It trimmed most its gains and it broke the USD 0.600 support. The price is now moving lower towards the USD 0.565 and USD 0.550 support levels. On the upside, the bulls may face sellers near USD 0.600.
Other altcoins market today
Many altcoins are down over 10%, including XVS, MATIC, REN, ICX, VGX, CAKE, FLOW, DGB, RUNE, UNI, AVAX, WAVES, and NEAR. Conversely, IOST, HOT, FTM, KCS, and BTG are up over 15%, while CRO rallied sharply.
To sum up, bitcoin price is declining and trading well below USD 54,000. If BTC continues to move down, there are chances of a drop towards the USD 52,500 level.