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Bitcoin and Ethereum try to recover, BNB + 13%

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crypto market
  • The price of bitcoin he corrected further down and tested the $ 54,000 before bouncing back.
  • Ethereum fell towards USD 3,400, XRP remained above the USD 1.05 support.
  • BNB it gained over 13% and broke the USD 450 level.

The price of bitcoin has started a downward correction from the USD 57,500 zone. BTC it underwent a correction below USD 55,500 and even tested USD 54,000. The price is currently (04:31 UTC) recovering and is trading above the USD 56,000 level.

Furthermore, most of the major altcoins are struggling to start a new rise. ETH it is consolidating near the USD 3,500 level. XRP tested the USD 1.05 support where the bulls appeared. ADA is struggling to recover above USD 2.15.

Total market capitalization

Crypto capitalization
Source: https://www.tradingview.com

The price of Bitcoin

After dropping below USD 56,000, bitcoin’s price extended its decline. BTC corrected below USD 55,500 and USD 55,000. However, the bulls appeared near USD 54,000 and there was a new move to the upside. The price rose above the USD 55,000 and USD 56,000 levels. On the upside, an initial resistance is near the USD 56,500 level. The next key resistance is near USD 57,000, above which the price could revisit USD 57,800.

On the downside, initial support is near USD 55,650. The next major support is near USD 55,000, below which the price could revisit USD 54,000.

The price of Ethereum

Ethereum’s price extended its drop below the USD 3,500 level. ETH tested USD 3,400 before a new hike occurred. The price is now consolidating near USD 3,500 and facing resistance near USD 3,550. The main resistance is now forming near the USD 3,600 level.

If there is another drop, the price could test the USD 3,440 level. The next key support is near USD 3,400, below which the price could fall towards USD 3,350.

The price of ADA, LTC, DOGE and XRP

Cardano (ADA) extended its decline below USD 2.12 and USD 2.10. The price tested the USD 2.07 level and remained above the USD 2.05 support. On the upside, the bears could defend the USD 2.15 level. The main hurdle is now forming near the USD 2.20 level.

Litecoin (LTC) traded below the USD 172 support and even tested the USD 165 support. The price is now rising and is trading above 172 USD. If it continues to rise, the bulls may encounter resistance near the USD 180 level. The next key resistance is near the USD 185 level.

Dogecoin (DOGE) traded below the USD 0.220 level, but the downside was limited. The price is now recovering and facing hurdles near USD 2.32. The next big resistance is near USD 0.250. Any further gains could push the price higher towards the USD 0.300 level in the near term.

The price of XRP climbed below $ 1.10 and traded close to $ 1.05. The price is now attempting a recovery wave above the USD 1.10 level. To continue rising, the price must break above the USD 1.15 level. The next big hurdle is near USD 1.20.

Other altcoin markets today

Many altcoins have risen by more than 5%, including REV, STX, BNB, OMG, CAKE, ONE, KLAY, ATOM, XTZ, CELO, DOT and CHZ. Of these, STX gained 21% and broke above the USD 2.4 level. Meanwhile, BNB is now trading above USD 460 after gaining 13% on Binance Smart Chain news.

Overall, the bitcoin price is making up for losses above USD 56,000. However, BTC needs to stabilize above USD 57,000 to continue rising in the next few sessions.

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