Bitcoin price corrected higher from the USD 55,500 support, but upsides were limited. BTC is currently (12:00 PM UTC) consolidating above USD 56,000, with major hurdles near USD 57,000 and 57,200. A follow up move above USD 57,200 might start a steady increase.
Similarly, most major altcoins are preparing for the next move. ETH recovered to USD 2,000, but it is still struggling to clear USD 2,020 and USD 2,050. XRP/USD is showing positive signs and it could soon revisit the USD 1.00 level.
Total market capitalization
After testing the USD 55,500 support, bitcoin price started a short-term recovery. BTC corrected above the USD 56,000 and USD 56,200 levels. However, the price is still struggling to gain pace above the USD 57,000 resistance level. The next key resistance is near the USD 57,200 level, above which the price could rise to USD 58,000.
If there is another bearish reaction, the price might break the USD 56,000 support. The main breakdown support is now forming near the USD 55,500 level.
Ethereum price recovered from the USD 1,940 zone. ETH even climbed above USD 2,000, but it failed to settle above the USD 2,020 resistance. The key breakout resistance is now forming near the USD 2,050 level.
On the downside, USD 1,950 and USD 1,940 might stop a major decline. If the bulls fail, there could be a drop towards USD 1,900.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is outperforming bitcoin and it broke the USD 392 resistance. BNB looks set for a break above the USD 400 resistance. In this case, there could be a rise towards the USD 415 and USD 422 levels. Conversely, the USD 380 level might act as a support if there is a downside correction.
Cardano (ADA) is recovering, but it is again facing hurdles near USD 1.200 and USD 1.220. A close above the USD 1.220 level is a must for a fresh rally towards the USD 1.285 and USD 1.300 levels. If not, the price might revisit USD 1.150.
Litecoin (LTC) is holding the USD 212 support, but it is also struggling to clear the USD 225 resistance level. A successful close above USD 225 is a must for a steady increase towards the main USD 245 resistance. The next major resistance could be USD 262.
XRP price is forming a base above the USD 0.900 level and it is now trading above USD 0.925. The first key resistance is near the USD 0.965 level, above which the price might revisit the USD 1.000 resistance zone. On the downside, the USD 0.900 level is a major support.
Other altcoins market today
Several altcoins gained over 10%, including ENJ, ONE, 1INCH, CAKE, WRX, STX, ANKR, MIOTA, AR, and CFX. Out of these, ENJ broke the USD 2.90 level and it might climb further above USD 3.00.
To sum up, bitcoin price is showing positive signs above the USD 56,000 level. However, BTC must gain strength above USD 57,200 for a fresh increase. If not, it could revisit USD 55,500.