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Bitcoin and Altcoins Correct Gains

The price of bitcoin is consolidating gains around the USD 58,500 support mark and the price of Ethereum is fluctuating.

Before correcting lower, bitcoin price rallied over the USD 60,000 resistance and traded to a new all-time high around USD 61,800. BTC has fallen below USD 60,000 and is now floating around USD 58,500.

Furthermore, the majority of big altcoins are consolidating. The price of ETH is currently traded in a range above USD 1,850, with a significant resistance level at USD 1,920.

Bitcoin price rose to a new all-time high around USD 61,800 this week before reversing gains. On the downside, a vital support zone is developing between USD 58,500 and USD 58,000. If the market closes below USD 58,000 on a regular basis, the next main support level is USD 55,000.

The USD 61,000 mark is an initial resistance level on the upside. Bitcoin could surge towards the USD 65,000 mark if it can break through the key weekly resistance at USD 62,000.

According to cryptonews.com, the price of Ethereum has dropped below USD 1,900. ETH is currently traded in a range after testing the USD 1,850 support. The price must settle above the USD 1,900 and USD 1,920 levels to continue a steady rise. Close USD 2,000, the key weekly resistance is found.

There may be an extended downside correction if there is no upside break over USD 1,920. In this case, the price could go as high as USD 1,780.

Binance Coin (BNB) is currently selling at a price below the USD 265 support level. If BNB continues to fall, it will measure the USD 250 support level. It could, on the other hand, break through the USD 275 resistance level and climb higher into the USD 292 and USD 295 resistance levels.

Cardano (ADA) is displaying some bearish signs after struggling to remain over 1.100. ADA is currently checking the USD 1.050 support, and if it breaks below that level, it may return to the USD 1.000 support region. Any more losses could lead to a decline to USD 0.920. The USD 1.100 and USD 1.120 amounts are initial resistance levels on the upside.

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