Daily insight into the cryptocurrency market examining crucial news highlights of the day. Following price actions of cryptocurrencies such as bitcoin and ethereum, and some of the other altcoins.
Bitcoin Updates
The bitcoin price corrected lower after a failed effort to settle above USD 58,500. BTC was trading below the USD 57,200 support stage, however it sought support near the USD 56,500 level. On the upside, the market is confronted by significant resistance between USD 58,000 and USD 58,500. The primary weekly resistance level is about USD 60,000.
The bulls could defend USD 56,500 on the downside. Otherwise, there is a chance of a drop to the USD 55,000 and USD 54,500 assistance ranges.
Ethereum Updates
Ethereum outperformed bitcoin, reaching a fresh all-time peak of USD 2,100 before correcting lower. ETH is trading below USD 2,050, but it appears that a good support is emerging between USD 2,000 and USD 1,980.
If the price breaks below USD 1,980 on the downside, it can fall as low as USD 1,850. On the plus hand, if the price settles over USD 2,100, it can begin to rise.
News on other Altcoins
Examine the prices of BNB, ADA, LTC, XRP, and BTT.
1. BNB
Binance coin is consolidating losses above USD 340. Near the USD 350 and USD 355 stages, there is immediate resistance. If there is a strong break over USD 355, the price may begin to grow steadily towards USD 380 and USD 400. On the downside, USD 325 is a solid support level for this week.
2. ADA
Cardano is now trading below the support thresholds of USD 1.200 and USD 1.220. A near above USD 1.220 is needed to kick-start a strong climb. On the downside, bulls may appear to be involved between USD 1.165 and USD 1.150.
3. LTC
Litecoin is now developing a support base over the USD 200 level. If LTC maintains its stability above USD 200 and USD 195, it can begin a strong rise in the coming sessions. The bulls can measure USD 245 or even USD 250 in this case.
4. XRP
After breaching the key USD 0.600 obstacle, Ripple outperformed bitcoin and Ethereum. There was a substantial spike, and the price also approached USD 0.700. The new market activity is bullish, and it seems that the price will climb above USD 0.700 and USD 0.715 in the coming days.
5. BTT
Bit Torrent Token increased by more than 80% and broke through the USD 0.012 mark.
