Bitcoin faces resistance as Ethereum and Altcoins rise

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The price of Bitcoin struggled to stay above the $ 48,000 level and began to decline further. BTC traded below the support level of $ 47,500. It is currently (04:28 UTC) facing increasing selling pressure, with major support near $ 46,200.

Conversely, many major altcoins have gained bullish momentum. ETH is up more than 5% and it has broken resistance at $ 3,400. XRP is also rising and broke the resistance of $ 1.15. ADA could recover if it wipes out $ 2.88.

Total market capitalization

Source: www.tradingview.com Bitcoin price

After struggling above $ 48,000, the price of bitcoin reacted lower. BTC traded below the support levels of $ 47,500 and $ 47,200. The price even traded below $ 46,800, but it remained above $ 46,500. Major breakout support is near the $ 46,200 level, below which bears may gain control. On the upside, immediate resistance is near the $ 47,200 level. The first major resistance is near the level of 48,000 USD, above which the price could start a steady rally towards 49,200 USD.

Ethereum price

The price of Ethereum started to rise steadily after breaking through the resistance at $ 3,300. ETH even went over $ 3,400 and tested $ 3,475. Price is now correcting for gains, but it could find offers close to $ 3,400 and $ 3,380. If there is a further rise, the price could test the resistance of $ 3,500. Further gains could open the door to a move towards $ 3,650 in the coming sessions.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) is still stuck in a range near the pivot level of $ 2.80. Immediate resistance is near $ 2.85. The key barrier is near $ 2.88 and $ 2.95. A close above $ 2.95 could trigger a rally towards $ 3.20 or even $ 3.25. Litecoin (LTC) climbed above $ 172 and tested the resistance of $ 175. It looks like the bulls are facing resistance near $ 175. If they are successful, the price could rise towards the $ 188 level. Any further gain could eventually drive the price towards the $ 200 level. Dogecoin (DOGE) broke above $ 0.280 and tested $ 0.285. However, there was no continuation upward and the price was corrected downward. On the downside, the bulls are active near $ 0.265. The main breakdown support is still near the $ 0.250 level. The price of XRP is up over 5% and it was able to climb above $ 1.15. The price even broke above $ 1.18 and it may continue to rise towards the resistance of $ 1.20. Further gains could set the tone for a larger rise towards the $ 1.25 level. If there is a downward correction, the price might find offers close to $ 1.15.

Other altcoins market today

Many altcoins rose over 5% including KSM, SAND, EGLD, AAVE, DOT, ALGO, AR, UNI, REV, YFI, WAVES, CRV, and FTT. Of these, KSM rose 19% and topped the $ 380 level.

Overall, the price of bitcoin is still struggling below the resistance levels of $ 48,000 and $ 48,500. If BTC fails to stay above $ 46,500, there could be a steeper drop ._____

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