Bitcoin Sets New Weekly Low, Ethereum and Altcoins Hold Key Support
Bitcoin price gained bearish momentum below the USD 48,000 support. BTC even broke the USD 45,000 support, but it remained stable above the USD 44,000 level. It is currently (12:30 UTC) recovering and it might revisit the USD 48,000 resistance zone.
Besides, most major altcoins tested key support. ETH broke the USD 1,450 support zone, but it remained stable above USD 1,400. XRP/USD is recovering from USD 0.412 and it could revisit the USD 0.450 resistance zone.
Total market capitalization
There was a downside in bitcoin price below the USD 46,000 and USD 45,000 levels. BTC traded to a new weekly low close to USD 44,000 before the bulls appeared. The price is now recovering higher and it is trading well above USD 46,000. An immediate resistance is near the USD 47,500 level, but the first major resistance is near the USD 48,000 level.
A clear break above USD 48,000 might lead the price towards USD 50,000. If there is a fresh decline, the USD 45,500 and USD 45,000 levels could provide support.
Ethereum price broke the USD 1,450 support zone, but the bulls defended the USD 1,400 level. ETH is recovering and it is back above the USD 1,450 level. The price is now attempting an upside break above the USD 1,500 level.
A close above USD 1,500 might open the doors for a move towards the USD 1,550 level. If there is a fresh decline, the USD 1,450 might once again provide support. The next key support is near the USD 1,400 level.
BNB, litecoin, and XRP price
Binance Coin (BNB) tested the USD 210 level and it remained well bid above USD 200. BNB is now rising and trading above the USD 225 resistance level. If there is a break above the USD 235 resistance, the price could rise towards the USD 250 level.
Litecoin (LTC) retested the USD 165 support zone. LTC is recovering higher and it is trading above the USD 172 level. The first major resistance is near the USD 185 level. A close above USD 185 might set the pace for a move towards the USD 198 and USD 200 resistance levels. Conversely, the USD 165 level might act as a strong support zone.
XRP price extended its decline below the USD 0.450 and USD 0.432 support levels. However, the bulls protected USD 0.412. The price is recovering higher and it might test the USD 0.450 resistance zone. A clear break above USD 0.450 could clear the path for a test of the USD 0.485 resistance.
Other altcoins market today
Many altcoins declined over 10%, including FTM, DODO, SOL, ICX, HT, XVS, SUSHI, IOST, DCR, GRT, CAKE, ZEN, NPXS, NANO, CRV, BNT, RVN, DASH, WAVES, ZEC, and RUNE. Out of these, FTM is down over 30% and DODO dived almost 15%.
To sum up, bitcoin price is recovering higher and it is trading well above USD 46,000. BTC might test USD 48,000 and if the bulls remain in action, the price could revisit USD 50,000.
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