Bitcoin price extended its uptrend above the $ 56,000 level but struggled to remove the $ 56,500 resistance and initiated a downward correction. It is currently trading below USD 55,000 (04:30 UTC) and it appears it could test USD 53,250 as well.
Also, most of the major altcoins are still trading in a positive zone. ETH continued to climb above USD 2,720 and hit a new all-time high near USD 2,760. XRP / USD corrected lower and was below the USD 1.40 level.
Total market capitalization
Source: www.tradingview.com
Bitcoin price
After an upside pause above USD 55,500, Bitcoin price prolonged its surge. BTC was even above the USD 56,000 level. However, the bears were active near the $ 56,500 zone. There was no up move and the price was corrected below USD 55,500. The price has even surpassed the $ 55,000 level and is having a hard time staying above the $ 54,000 level.
If there are more losses, the price could test the USD 53,250 support zone. On the upside, the USD 55,000 and USD 55,500 levels are major hurdles for the bulls.
Ethereum price
Ethereum price remained in a steady upward trend, gaining pace above the USD 2,700 level. ETH even surged above the USD 2,750 level before correcting down. It is trading below the USD 2,700 now, but large support awaits near the USD 2,650 level.
On the upside, there is immediate resistance near the USD 2,740 and USD 2,750 levels. A successful close above USD 2,760 could move the price towards USD USD 2,800.
BNB, ADA, DOGE and XRP prices
Binance Coin (BNB) is consolidating gains above the USD 550 pivot level. If the BNB stays above USD 550, a sharp rise above the USD 575 and USD 580 resistance levels could begin. If not, there is a risk of falling towards the USD 525 support level.
Cardano (ADA) is consolidating above the USD 1.30 support zone. On the upside, ADA is facing strong resistance near the $ 1.35 level. A clear break above USD 1.35 could push the price towards USD 1.42 and USD 1.45.
Dogecoin (DOGE) is up nearly 20% and is trading above the USD 0.30 level. DOGE even removed the USD 0.32 resistance and it appears the bulls are aiming for a test of the USD 0.35 level. Further gains could open the doors for a move towards the USD 0.40 level.
XRP price did not stay above the $ 1.40 level and extended its downward correction. It tested the USD 1.38 support. If the bears remain active, there is a risk of falling towards the USD 1.35 support level. On the upside, the first major resistance is at $ 1.42, followed by $ 1.45.
Other altcoin market today
Some altcoins gained over 5%, including FTM, 1 ZOLL, CAKE, ICX, UNI and MANA. Conversely, VGX, IOST, WAVES, ONE, DGB, HNT and SC have decreased by over 5%.
Overall, the Bitcoin price is correcting gains and trading well below USD 55,000. BTC could revisit USD 53,250 below which the bears could gain strength in the short term.
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