Bitcoin price extended its increase above the USD 56,000 level. BTC was able to clear the USD 57,200 resistance zone. It traded close to USD 58,000 and is currently (05:34 UTC) consolidating gains just below USD 57,000.
On the other hand, most major altcoins are correcting lower. ETH failed to extend gains and corrected lower below USD 3,500. XRP is down over 5% and there was a break below USD 1.10. ADA is also moving lower and trading below USD 2.20.
Bitcoin price
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
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.
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