Bitcoin, Ethereum and Altcoins Correct Gains, Dips Remain Limited
Bitcoin price corrected 3% from the new all-time high and declined below USD 63,000. BTC is currently (12:30 PM UTC) showing short-term bearish signs, but dips could be limited below USD 61,000 and USD 60,000. To start a fresh increase, the price must clear USD 63,800.
Similarly, most major altcoins are correcting lower. ETH traded to a new all-time high near USD 2,488 before correcting lower. XRP struggled to reclaim USD 1.800 and it even declined below USD 1.700.
Total market capitalization
After trading close to USD 65,000, bitcoin price corrected lower. BTC declined below the USD 64,000 and USD 63,000 levels. The bulls are now protecting the USD 62,000 zone. If there are more losses, the price could test the USD 61,200 support zone. The next major support could be USD 60,000.
On the upside, the USD 63,000 level is a short-term resistance. The key hurdle is now near USD 53,800, above which the price could start a fresh increase.
Ethereum price traded close to USD 2,500 and formed a new all-time high near USD 2,488. It is now correcting lower and trading below USD 2,450. An immediate support is near the USD 2,405 and USD 2,400 levels. The next major support sits near the USD 2,350 level.
If there is a fresh increase, the bulls could face resistance near USD 2,455. Any more gains might open the doors for a test of USD 2,500.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is down over 5% and it is trading below the USD 550 level. If BNB continues to slide, the price could test the USD 525 support level. Any more losses could lead the price towards the USD 500 zone. On the upside, the price might face sellers near the USD 562 and USD 565 levels.
Cardano (ADA) is holding gains above the USD 1.42 and USD 1.40 levels. If the bulls fail to protect USD 1.40, the next stop could be USD 1.32. On the upside, an initial resistance is near the USD 1.485 level. The first resistance is near the USD 1.50 level, followed by USD 1.515.
Litecoin (LTC) is trading above the USD 270 support level. A downside break below the USD 270 level may possibly lead the price towards the USD 255 and USD 250 levels. On the upside, a clear break above USD 280 is a must for a fresh increase.
XRP price is trimming gains and it even broke the USD 1.70 support level. An immediate support is near the USD 1.65 level, below which the price might decline towards USD 1.58. If there is a fresh increase, the bulls must clear USD 1.75 for a fresh move towards USD 1.85.
Other altcoins market today
Many altcoins gained over 10%, including CHSB, MKR, CHZ, WRX, HOT, YFI, COMP, ZEN, AAVE, LINK, NEXO, and WAVES. Out of these, CHSB rallied 20% and cleared the USD 1.10 level.
To sum up, bitcoin price is correcting gains below USD 63,000, but downsides could be contained. If BTC remains stable above USD 61,200, there might be a fresh increase towards USD 65,000.
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