Bitcoin and Ethereum Hold Support, Altcoins Consolidate
Bitcoin tested the $ 47,500 support zone and returned to $ 49,000. Ethereum tested $ 4,000 and recovered, XRP stuck around $ 0.85. The CEL rose 13% to $ 3.95.
Bitcoin price started another decline below the support of $ 48,500. BTC even traded below $ 48,000 but remained stable above $ 47,500. It is currently recovering (12:18 GMT), but there are many obstacles around $ 49,500 and $ 50,000.
Likewise, most major altcoins are struggling to recover as well. ETH fell to the $ 4,000 level, where the bulls appeared. XRP fell below $ 0.85 before heading back. ADA still runs the risk of incurring losses below $ 0.80.
Total market capitalization
Source: tradingview.com Bitcoin Price
After breaking below $ 48,500, the bitcoin price continued to decline. BTC even tested the $ 47,500 zone. It is recovering higher and approaching the $ 49,000 level. Initial resistance is near the $ 49,500 zone. Major resistance is still around $ 50,000. A clear move above $ 50,000 could lead to further price increases.
Immediate support on the downside is around $ 47,800. The next major support is now forming around the $ 47,500 level, below which the price could test $ 46,200.
Ethereum price
Ethereum price continued to decline below the support at $ 4,200. ETH even traded below the $ 4,120 support and tested $ 4,000. It is now recovering from losses and is trading around $ 4,200, which is key resistance to the breakout.
On the other hand, initial support is around the $ 4050 level. The next key support is located near the $ 4,000 level, below which the price may continue to decline.
ADA, BNB, SOL, SHIB and XRP price
Cardano (ADA) is trying to climb above the $ 1.30 level. However, if it closes below $ 1.30, the price may continue to decline. The next key support is found near the $ 1.265 level.
Binance Coin (BNB) has tested the $ 565 support zone and is currently recovering. The bulls are trying to break higher above the $ 585 level. If successful, the price could approach the $ 600 mark.
Solana (SOL) extended its decline below the $ 180 support level before recovering as well. The next key support is around $ 172. Further losses could possibly push the price towards the $ 165 level. Otherwise, the price could recover to the $ 192 level.
SHIB is consolidating above $ 0.0000350. A break below this level could push the price towards $ 0.0000320. Otherwise, the price could start a steady rise towards the zone of $ 0.0000365 or even $ 0.000038.
XRP price started a downward correction below the $ 0.865 and $ 0.850 levels and then bounced back. The next important support is found near the $ 0.820 level. Further losses could trigger a move towards $ 0.820.
Other altcoins market today
Many altcoins fell more than 5% including WAXP, XTZ, VGX, MANA, OKB, GALA, SAND, XDC, GRT, AAVE, and TFUEL. Of these, XTZ fell 10% to fall below $ 4.80. Meanwhile, CEL rose 13%, cutting weekly losses to 3% and approaching $ 4.00. At the same time, NEAR and OHM were up 6% and 11%, respectively.
To summarize, the bitcoin price is recovering and trading around $ 49,000. However, BTC needs to break through the $ 49,500 and $ 50,000 levels to start growing steadily.
