Bitcoin’s price continued to fall below the USD 58,000 support level. BTC also broke through the crucial USD 55,000 support mark, falling to USD 53,000. It is currently recovering, but the bulls may face difficulties near USD 55,000 and USD 56,000.
In most big altcoins, there were also additional losses. The USD 1,750 support was broken by ETH.
After a strong break below USD 58,000, the bitcoin price began to decline. Also the USD 55,500 and USD 55,000 support thresholds were exceeded by BTC. It traded near USD 53,000 and reached a low near USD 53,200. The price has regained its losses and is now trading around USD 54,000.
The USD 55,000 mark is an original resistance level on the upside. The price must stabilize above USD 55,000 and USD 55,500 to begin a steady recovery towards the USD 58,000 barrier.
The price of Ethereum continued to fall below the key USD 1,750 support level. The price of ETH checked $1,710 and stayed stable above $1,700. It is consolidating losses and could correct higher towards resistance levels of USD 1,785 and USD 1,800.
According to cryptonews.com, the USD 1,710 and USD 1,700 ranges are significant purchase zones on the downside. Any more declines could push the price down to USD 1,640.
Binance Coin (BNB) has broken through the USD 250 support level and is now trading at USD 240. BNB is currently consolidating just below USD 250, with the possibility of a correction higher towards USD 260. Near the USD 265 mark, the first major resistance is forming. If further losses occur, the price could drop to USD 225.
Cardano is holding to the USD 1.00 support level. If ADA struggles to remain over USD 1.00, it may fall by another 8% to 10% in the immediate future. On the upside, several obstacles are ranging from USD 1.050 to USD 1.120.