Bitcoin price started a short-term downside correction from the USD 52,750 all-time high. BTC declined below USD 52,000 and USD 51,500. However, the bulls were active and the price is currently (05:00 UTC) trading well above the USD 50,500 support zone.
Besides, there were mostly positive moves in most major altcoins. ETH/USD climbed above USD 1,925 and traded to a new all-time high at USD 1,950 before correcting lower. XRP/USD is steady above USD 0.525, but it could decline further towards USD 0.512.
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After struggling to settle above USD 52,000, bitcoin price corrected lower below USD 51,500. It even broke the USD 51,000 level, but it remained well bid above USD 50,500. The next major support is near the USD 50,000 level, below which there is a risk of a larger downside correction in the near term.
On the upside, the USD 52,000 level is an immediate hurdle. The next key hurdle is near the USD 52,750 high. A clear break of USD 52,000 and a follow up move above USD 52,500 might call for a new all-time above USD 53,000.