Bitcoin's price began a new decline after trading below $58,000. BTC has moved into a short-term bearish zone, breaking the main $56,500 support zone. BTC eventually dropped below $56,000 and is now hovering around $55,000. Any more losses could lead to a drop towards $54,200. On the contrary, the $56,200 amount can serve as initial resistance. The main resistance is near $56,500, and if it is broken, the price could increase to $58,000.
Before the price drop, Ethereum rallied to a new all-time high above $3,600. Afterward, its value fell below the $3,450 support region, consolidating around the $3,400 mark. If further negative developments occur, the price could plummet to $3,320, and if the price rises again, it can encounter resistance near the $3,450 level. Near the $3,500 mark, the next main resistance can be reached.
See the value of BNB, LTC, DOGE, and XRP
BNB started to rise near $650 and then began a new decrease. BNB traded even lower than the $625 support level. The price appears to be moving lower, possibly towards the $605 and $600 support ranges. On the upside, the price can encounter resistance near $635.
LTC is maintaining its gains above $345. The bulls are up against resistance near the $365 level on the upside. A definite break above $365 and $370 could set the stage for a sharp rise in the near term.
Dogecoin
DOGE is correcting its gains around the $0.60 support level. It is now trading near $0.565, a level below which the bulls may try to break the $0.550 support.
XRP price began a downward correction. Even though the price fell below the $1.55 support, it remained above the $1.50 support. If more losses occur, the bulls can take a position around $1.42.
Coins like Ethereum Classic and QTUM have earned more than 10%. QTUM increased by more than 60% and broke through the $30 standard, while ETC increased by 40% and broke through the $130 level. Bitcoin's price started correcting gains and is now trading below the $56,500 support level.
In general, Bitcoin appears to be following a bearish trend. If BTC fails to maintain a price above $55,000, it can fall as low as $54,200 or even $53,000.
