Bitcoin price remained in a strong uptrend above the USD 50,000 resistance. BTC extended its rise above USD 52,000 and traded as high as USD 52,750. It is currently (05:00 UTC) correcting gains, but dips might be limited below USD 51,000.
Similarly, there were strong bullish moves in most major altcoins. ETH/USD surpassed the main USD 1,840 resistance and traded to a new all-time high at USD 1,915. XRP/USD is facing hurdles near USD 0.550, above which it could rally further.
Total market capitalization
After a daily close above the USD 50,000 level, bitcoin price surpassed the USD 51,000 and USD 52,000 levels. BTC traded to a record high near USD 52,750 before it started a minor downside correction. It is trading near USD 52,000, with an immediate support at USD 51,500. The next key support sits at USD 51,000.
On the upside, the USD 52,750 and USD 53,000 levels are short-term hurdles. A break above USD 53,000 might set the pace for a move towards the USD 55,000 level.
Ethereum price cleared the USD 1,830 and USD 1,840 resistance levels. ETH even popped above the USD 1,880 level and traded to a new all-time high near USD 1,915. The current price action suggests more upsides towards the USD 1,950 and USD 1,980 levels.
On the downside, the bulls might remain active near USD 1,880. The next major support is near the USD 1,850 level.
ADA, litecoin and XRP price
Cardano (ADA) is up 10% and it climbed above the USD 0.900 resistance. ADA even cleared the USD 0.920 resistance. The next major resistance is near the USD 0.950 level. A clear break above the USD 0.950 level might lead the price towards the main USD 1.00 resistance zone. On the downside, the USD 0.885 level is a strong support.
Litecoin (LTC) gained over 12% and it cleared the USD 225 resistance level. LTC is trading above USD 230 and it might continue higher above USD 235. The next aim for the bulls might be USD 250. If there is a downside correction, the USD 225 level could provide support. The next major support seems to be forming near the USD 212 level.
XRP price is trading well above the USD 0.532 level, but it is facing a strong resistance near USD 0.550. A close above USD 0.550 may possibly start a strong increase. In this case, the price could rise towards the USD 0.585 resistance. The main resistance for a larger increase is still near USD 0.600.
Other altcoins market today
Many altcoins gained over 15%, including IOST, ZEN, CAKE, BNT, BNB, CRO, XVS, MATIC, EGLD, SC, HT, OCEAN, XEM, UMA, GRT, and UMA. Out of these, IOST jumped 40% and it cleared the USD 0.0400 level.
Overall, bitcoin price is consolidating gains above USD 52,000 and USD 51,500. BTC might continue higher towards USD 53,000 and USD 54,000 unless it breaks the USD 50,000 support.
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Originally Posted on: https://cryptonews.com/news/bitcoin-and-ethereum-trade-to-record-highs-altcoins-rally-9266.htm
By: Aayush Jindal