Bitcoin price corrected 3% from the new all-time high and fell below USD 63,000. BTC is currently (12:30 p.m. UTC) showing short-term bearish signs, but the drops could be limited below USD 61,000 and USD 60,000. To start a new increase the price must clear USD 63,800.
Similarly, most major altcoins correct lower. ETH was trading at a new all-time high near USD 2,488 before correcting down. XRP struggled to recoup USD 1,800 and even fell below USD 1,700.
Total market capitalization
Source: www.tradingview.com
Bitcoin price
Bitcoin price corrected lower after trading near USD 65,000. BTC fell below the USD 64,000 and USD 63,000 levels. The cops are now protecting the USD 62,000 zone. If there are more losses, the price could test the USD 61,200 support zone. The next major support could be USD 60,000.
On the upside, the USD 63,000 level is a short term resistance. The main hurdle is now at USD 53,800, above which the price could rise again.
Ethereum price
The Ethereum price was trading near USD 2,500, making a new all-time high near USD 2,488. It is now correcting lower and trading below USD 2,450. Immediate support is near the USD 2,405 and USD 2,400 levels. The next major support is near the USD 2,350 level.
If it rallies again, the bulls could face resistance near USD 2,455. Further gains could open the doors to a test of USD 2,500.
BNB, ADA, Litecoin and XRP prices
Binance Coin (BNB) is down over 5% and is trading below the USD 550 level. If the BNB continues to decline, the price could test the USD 525 support level. Further losses could push the price towards the $ 500 zone. On the upside, the price could face sellers near the USD 562 and USD 565 levels.
Cardano (ADA) holds gains above the USD 1.42 and USD 1.40 levels. If the bulls fail to protect USD 1.40, the next stop could be USD 1.32. On the upside, initial resistance is near the $ 1.485 level. The initial resistance is near the $ 1.50 level, followed by the $ 1.515 level.
Litecoin (LTC) is trading above the USD 270 support level. A downside break below the USD 270 level could potentially lead the price towards the USD 255 and USD 250 levels. On the upside, a significant break above USD 280 is a must for a new move up.
The XRP price is reducing profits and has even exceeded the support level of $ 1.70. Immediate support is near the $ 1.65 level below which the price could drop towards $ 1.58. If there is a new move higher, the bulls will have to settle at USD 1.75 to take a new move towards USD 1.85.
Other altcoin market today
Many altcoins gained over 10%, including CHSB, MKR, CHZ, WRX, HOT, YFI, COMP, ZEN, AAVE, LINK, NEXO and WAVES. Of these, the CHSB rose 20%, breaking the $ 1.10 level.
In conclusion, Bitcoin price corrects gains below USD 63,000, but downside could be curbed. If BTC stays stable above USD 61,200, it could see a renewed spike towards USD 65,000.
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