Bitcoin Consolidates, Ethereum, and Top Altcoins Correct Lower

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After a clear break above USD 56,000, bitcoin price extended its increase. BTC broke the USD 56,500 resistance and the USD 57,200 pivot level. The upward move was such that the price traded close to the USD 58,000 level. Recently, there was a downside correction below the USD 57,200 and USD 57,000 levels. The price is now consolidating, with an immediate support at USD 56,000. The next major support is near USD 55,500.

On the upside, an initial barrier is near the USD 57,200 level. The next key resistance is near USD 57,500, above which the price might rise towards the USD 58,000 level.

Ethereum price failed to settle above the USD 3,600 level and started a downside correction. ETH is now trading below the USD 3,500 support. The first major support is near the USD 3,440 level. Any more losses could open the doors for a larger decline towards USD 3,350.

If there is a fresh increase, the price might face resistance near the USD 3,540 level. The next major hurdle seems to be forming near USD 3,600, above which the price might struggle near USD 3,650.

Cardano (ADA) started a downside correction below the USD 2.20 support level. The price is now trading below USD 2.15 and it might continue to move down towards the USD 2.05 level. The next major support is near the USD 2.00 level.

Litecoin (LTC) failed to clear the USD 185 and USD 188 resistance levels. The price is now trading below USD 175 and it might extend decline below USD 172. In this case, the price could continue to move down towards the USD 165 support.

Dogecoin (DOGE) is down 5% and it is now trading below the USD 0.232 support. An immediate support is near the USD 0.220 level. If there is a downside break below USD 0.220, the price could revisit the USD 0.200 pivot level in the near term.

XRP price started a fresh decline below the USD 1.12 support. The price even traded below USD 1.10, and it might continue to move down. In this case, the price could test the USD 1.05 level. The next major support is near the USD 1.00 level.

Many altcoins are down over 8%, including KLAY, DYDX, AR, DCR, MIOTA, STX, CELO, FLOW, ALGO, and ONE. Out of these, KLAY declined over 12% and it broke the USD 1.60 support, while FLOW is down by 13%. Meanwhile, SHIB is rallying again and is now up by 12% in a day, trading at USD 0.00003054.

Overall, bitcoin price is correcting gains below USD 57,000. However, BTC could start a fresh increase if it stays above the USD 55,000 support level in the coming sessions.

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