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| 8 December 2021, Wednesday |

Bitcoin Remains At Risk, Ethereum, Small Altcoins Try to Recover

Bitcoin price failed to gain pace above the USD 58,000 resistance zone. As a result, BTC started a fresh decline and traded below USD 56,500. It is currently (04:31 UTC) back above this level but still showing bearish signs and it could accelerate below USD 56,000.

Besides, most major altcoins are attempting a recovery wave. ETH is back above USD 4,200, and it could rise towards USD 4,320. XRP must settle above USD 1.05 for a decent increase. ADA is down 7% and it broke the USD 1.70 support.

Bitcoin price

After another failed attempt to clear USD 58,500, bitcoin price started a fresh decline. BTC traded below the USD 57,500 and USD 57,000 support levels. On the downside, an initial support is near USD 56,000. The main support is still near USD 55,500, below which the bears might gain strength. The next key support could be USD 52,000.

On the upside, the price is facing resistance near USD 57,500. The next key resistance is near the USD 58,500 level, above which the price could rise steadily.

Ethereum price

Ethereum price retested the USD 4,050 support zone and started a fresh increase. ETH climbed above the USD 4,150 and USD 4,200 levels. It even broke the USD 4,250 level and might continue to rise towards the USD 4,320 level.

If there is another decline, the price might find support near USD 4,150. The main support is still near USD 4,050, below which the price may possibly accelerate lower.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) failed to recover and declined below USD 1.75. It even traded below USD 1.70 and is showing bearish signs. If the bears remain in action, the price could slide towards the USD 1.55 level.

Binance coin (BNB) is up 3% and broke the USD 575 level. The price even cleared USD 580. If there is a clear break above USD 585, it could rise towards the USD 600 level in the near term.

Solana (SOL) is facing resistance near the USD 220 and USD 225 levels. A close above USD 200 might start a steady increase. The next main resistance is near USD 232, above which the price could rise towards the USD 250 level.

SHIB is down 8% and traded below the USD 0.000042 level. An immediate support is near the USD 0.000040 level. A downside break below the USD 0.000040 level could even push the price towards the USD 0.000038 level.

XRP price remained stable above the USD 1.00 support zone. However, the price is struggling to gain pace above the USD 1.05 level. A close above USD 1.05 might push the price towards the USD 1.12 level. The next key resistance is near the USD 1.15 level.

Other altcoins market today

Many altcoins are up over 10%, including SAND, AUDIO, LRC, ZEC, ROSE, GALA, FTM, ZEN, ENJ, CRV, CRO, and XDC. Out of these, SAND gained 26% and surpassed the USD 6.30 level, while ZEC rallied by 21%, nearing USD 254.

Overall, bitcoin price is struggling to recover above USD 58,000. If BTC breaks the USD 55,500 support, there could be more losses towards USD 52,000.