Bitcoin price tested the USD 48,000 support zone and climbed back above USD 50,000. The price is still trading below the USD 51,500 and USD 52,000 resistance levels. However, it is currently (13:00 UTC) consolidating and it seems like the bulls could attempt an upside break above USD 52,000.
Similarly, most major altcoins are seemingly preparing for the next move. ETH is trading above USD 1,600 and it is facing resistance near USD 1,665. XRP/USD is holding the USD 0.450 support and it is well below USD 0.500.
Total market capitalization
After a short-term decline, bitcoin price found support near the USD 48,000 zone. BTC is rising and it is trading above the USD 49,500 and USD 50,000 levels. The price is showing a few positive signs, but it must clear the USD 51,500 and USD 52,000 resistance levels for upside continuation. In this case, the price could test USD 55,000.
On the downside, the USD 50,000 level is a decent support base. The main support is now forming near the USD 48,000 level.
Ethereum price is back above the USD 1,500 level. ETH might revisit the USD 1,650 and USD 1,665 resistance levels. A close above USD 1,665 might increase the chances of a break above the USD 1,700 level. The next major hurdle is near the USD 1,750 level.
If there is a fresh decline below USD 1,600, the price could revisit the USD 1,550 support. The next major support sits near the USD 1,510 level.
BNB, litecoin, and XRP price
Binance Coin (BNB) is trading near the USD 250 level. BNB might revisit the USD 275 resistance zone. A close above the USD 275 level may possibly open the doors for a push towards the USD 300 level. Any more gains might clear the path for USD 350. On the downside, the USD 225 level is a strong support.
Litecoin (LTC) is up over 5% and it is approaching the USD 200 resistance zone. LTC might gain bullish momentum if there is a close above USD 200. If there is a downside correction, the price might find bids near the USD 188 and USD 185 levels. The next major support is near the USD 172 level.
XRP price is trading steadily above USD 0.455 and USD 0.450 support levels. The price could start a fresh increase towards the USD 0.482 level as long as there is no break below the USD 0.450 level. On the upside, the price must clear USD 0.500 to start a strong increase in the near term.
Other altcoins market today
A few altcoins gained over 5%, including FTM, ENJ, MATIC, NEAR, STX, SUSHI, LEO, WAVES, and ZEC. Conversely, IOST, CAKE, FLOW, and DODO are down over 10%.
To sum up, bitcoin price is slowly rising and it might revisit the USD 51,500 level. BTC must clear the USD 52,000 barrier for a sustained upward move in the near term.
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Originally Posted on: https://cryptonews.com/news/bitcoin-ethereum-and-altcoins-consolidate-below-major-hurdle-9345.htm
By: Aayush Jindal