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Bitcoin Fails Above USD 52K

Bitcoin's price failed to remain above USD 52,000 and has since corrected lower, although Ethereum's losses from above USD 1,650 have been corrected.

The price of bitcoin soared above the USD 52,000 resistance level, but it struggled to hold. BTC has begun a new downtrend below the USD 51,000 support level. It is currently trading below USD 50,000 at 05:00 UTC, and it appears that more losses are possible.

Furthermore, most big altcoins are correcting lower as well. ETH reached a high of USD 1,650 before corrected over USD 100.

Bitcoin price encountered resistance at USD 52,500 after breaking through USD 52,000. As a result, BTC’s gains were trimmed and it fell below USD 51,000. The price has dropped by over USD 2,000  and is currently trading below $50,000. Near the USD 48,200 and USD 48,000 stages, the first major support is found.

According to Cryptonews.com, there is a chance of a sudden drop if the price breaks below the USD 48,000 support level. Bulls can face resistance near USD 50,500 and USD 51,200 on the upside.

Similar to bitcoin, the price of Ethereum tested the USD 1,650 level before beginning a new decline. ETH fell below USD 1,550 after breaking the USD 1,600 support. The price is falling, and it could also drop below the USD 1,500 support level.

If the price rises again, resistance could be seen between the USD 1,600 and USD 1,610 levels. The main resistance level is now USD 1,650.

The USD 250 and USD 255 resistance levels were not broken by Binance Coin. BNB is correcting its gains and is now trading around USD 242. If the price continues to fall, it can reach USD 232. Near the USD 225 mark, the next major support is found. A new rise could put sellers around USD 250 in a difficult position.

Below the USD 1.220 support level, Cardano (ADA) is showing some bearish signs. ADA has fallen below USD 1.200, and it is likely to drop down into the USD 1.150 support level. If there are any further losses, the USD 1.100 level could be tested.

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