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Bitcoin Corrects Gains, Ethereum and Altcoins Drop Sharply

Before correcting lower, the Bitcoin price traded to a new all-time high near USD 49,650. Ethereum dropped sharply and tested USD 1,660, XRP is down 10%, and close to USD 0,525.

The price of Bitcoin soared to another new all-time high at USD 49,650 before a downside correction began. BTC dropped below USD 47,000 but was stable at USD 46,000. It is currently recovering higher, but near USD 47,500 it could face resistance.

In contrast, most major altcoins dramatically corrected lower. ETH/USD is down over 5% and has also spiked below the support zone of USD 1,700. XRP/USD decreased dramatically from just above USD 0.600 and the USD 0.525 support is approaching.

After trading to a new all-time high of around USD 49,650, the price of bitcoin faced strong selling pressure. BTC failed to test USD 50,000 and began a downside correction. It declined below the rate of support of USD 47,500 and USD 47,000. The bulls were, however, seen to be involved near the USD 46,000 level. USD 45,000 represents the key weekly support.

According to cryptonews.com, the price is now recovering higher, at USD 47,500 with immediate resistance. Near the USD 48,000 level is the first major resistance. Near USD 49,500 and USD 50,000, the main weekly resistance is now forming.

Ethereum price failed to remain higher than USD 1,875 and began a sharp fall. ETH declined almost USD 200 and tested USD 1,660. The price recovered above USD 1,700 but could face a few major hurdles close to USD 1,750. The key weekly pivot zone is now about USD 1,800.

On the downside, the price may remain stable above USD 1.650. Any more declines could, in the near term, lead to a price of USD 1,550 in support.

The XRP price extended its rally above resistance levels of USD 0.550. Before correcting under, the price spiked above the USD 0.600 level. The price is now down over 10 percent and the USD 0.550 support has also broken. The first big support, on the downside, is close to the USD 0.525 level, below which the market could also test the USD 0.500 support level.

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