Bitcoin and Ethereum Stuck In Range While Altcoins Rally
Bitcoin price failed to stay above USD 59,000 and corrected lower. BTC traded below the USD 58,500 and USD 58,000 support levels. It is currently (04:00 UTC) trading above USD 57,000 and it is seemingly preparing for the next major move.
Besides, most major altcoins are slowly gaining pace. ETH is trading above USD 2,080, with signs of more gains above USD 2,150. XRP/USD continues to outperform and it is now trading above the USD 1.00 level.
Total market capitalization
After struggling above USD 59,000, bitcoin price corrected lower. BTC broke the USD 58,000 support zone, but the bulls were active above the USD 57,200 support. It is now trading above USD 57,000 and it is approaching the USD 58,000 resistance. The first key resistance is near USD 58,500, above which the price might rise towards the USD 59,500 and USD 60,000 levels.
On the downside, the USD 57,200 and USD 57,000 levels are important supports. Any more losses might call for an extended decline towards USD 55,500.
Ethereum price also corrected lower from the all-time high at USD 2,155. ETH traded below USD 2,100, but it remained well bid near the USD 2,050. There was a fresh increase above the USD 2,100 level, but the bulls need to clear USD 2,120 for a fresh rally.
On the downside, the USD 2,080 and USD 2,050 levels are key zones. Any more losses might lead the price towards the USD 2,000 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) traded to a new all-time high and it even broke the USD 400 level. BNB is consolidating above USD 400 and it seems like the bulls are not done yet. The next stop for them could be near the USD 422 and USD 425 levels.
Cardano (ADA) finally gained strength above the USD 1.220 resistance. ADA even broke the USD 1.250 level and it is now trading near USD 1.265. It could continue to rise towards the USD 1.300 and USD 1.325 levels. On the downside, the previous resistance at USD 1.200 is now a major support.
Litecoin (LTC) extended its rally above the USD 232 resistance and it tested the USD 245 resistance. LTC is now consolidating near USD 235 and it might make another attempt to clear the USD 245 and USD 250 resistance levels. If not, it could correct lower towards USD 225.
XRP price started a strong surge and cleared many hurdles near USD 0.800 and USD 1.00. It even spiked above USD 1.10 and it is now trading well above USD 1.00. In the short-term, there might be a dip, but the bulls might remain active near USD 1.00.
Other altcoins market today
Many altcoins gained over 10%, including QTUM, HNT, BTG, KCS, OMG, XEM, VET, EGLD, ETC, DOGE, SOL, NEAR, NEO, and LINK. Out of these, QTUM rallied over 40% and it is now approaching the USD 20.0 level.
Overall, bitcoin price is stuck in a range above the USD 57,000 support. The overall price action is still positive, suggesting a possible fresh increase above the USD 58,500 resistance.
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