Bitcoin price extended its decline below the USD 47,500 support zone. BTC tested USD 47,200 before it started a fresh upward move. It climbed above USD 48,500, but it is currently (04:00 UTC) struggling to continue higher.
Similarly, most major altcoins are attempting a fresh increase. ETH tested USD 2,080 and attempted a recovery wave above USD 3,200, but failed. XRP is now trading well below the USD 1.18 and USD 1.20 resistance levels. ADA tested USD 2.60 and it is now consolidating losses.
Total market capitalization
After trading below USD 48,000, bitcoin price extended its downside correction. BTC tested the USD 47,200 support zone, where the bulls took a stand. It started an upside correction and surpassed the USD 48,000 level. The price even spiked above the USD 49,000 level, but the bears were active near USD 49,200.
The price is now retreating from highs and it seems like there could be more downsides below USD 48,000. If the bears are able to push the price below USD 47,200, there might be a move towards USD 46,400.
Ethereum price also found support near USD 3,080 and recovered above USD 3,150. There was also a break above USD 3,200, but the bulls failed to retain strength. As a result, there was a fresh bearish move below USD 3,180.
If ETH breaks the USD 3,110 support, it could resume its decline. Then next major support is near the USD 3,000 level. On the upside, an immediate resistance for the bulls is near the USD 3,200 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is down 4% and it tested the USD 2.60 level. It is now consolidating losses and it seems like the bears might target a test of the USD 2.50 support. Conversely, the price could recover above the USD 2.72 resistance. The next major resistance sits near the USD 2.80 level.
Litecoin (LTC) is showing bearish signs below the USD 175 and USD 180 resistance levels. On the downside, the USD 168 level is a short-term support. The first key support is near the USD 165 level, below which there is a risk of a move towards the USD 155 support zone.
Dogecoin (DOGE) attempted a recovery, but the bears defended the USD 0.300 resistance. The price is now consolidating above USD 0.280. If there is a downside break below USD 0.280, the price could accelerate lower towards the USD 0.265 support. The next major support sits at USD 0.250.
XRP price is trading well below the USD 1.18 and USD 1.20 resistance levels. An immediate support is near USD 1.12. The first major support is near the USD 1.05 level, below which the bulls may possibly appear near the USD 1.00 support.
Other altcoins market today
Many altcoins are down 5%, including AVAX, AUDIO, LUNA, RUNE, GRT, ATOM, SNX, SUSHI, FTM, XMR, HNT, and THETA. Conversely, REV rallied over 20% and it surpassed the USD 0.012 level.
Overall, the bitcoin price is attempting recovery, but it is facing hurdles near USD 48,800 and USD 49,000. If BTC stays below USD 49,000, it could resume its decline.