Bitcoin price remained well bid above the USD 50,500 support zone. BTC is rising and it is currently (13:00 UTC) trading above USD 52,000. It seems like the price might continue higher above USD 53,000 in the near term.
Besides, most major altcoins are gaining bullish momentum. ETH is trading above USD 1,900 and it might clear the USD 1,950 resistance. XRP/USD broke the USD 0.550 resistance and it might continue higher towards USD 0.585 and USD 0.600.
Total market capitalization
There was no major decline in bitcoin price below USD 51,000. BTC recovered losses and it climbed back above USD 52,000. It even traded to a new all-time high. However, while some data aggregators claim that the price almost touched USD 53,000, others registered a brief spike above this level. In either case, the current price action is positive and it seems like the price could continue to rise above USD 53,000.
On the downside, an initial support is near the USD 52,200 level. The next key support is near the USD 51,500 level. Any more losses may possibly lead the price towards the USD 51,000 level.
Ethereum price consolidated above the USD 1,900 level. ETH started a fresh increase and it is now trading above USD 1,925. The next key resistance is near the USD 1,950 level. A clear break above USD 1,950 may possibly open the doors for a push towards the USD 2,000 level.
On the downside, the USD 1,900 could continue to act as a strong support. Any more losses might call for a drop towards the USD 1,880 level.
BNB, litecoin and XRP price
Binance Coin (BNB) surged above the USD 250 level and traded to a new all-time high near the USD 285 level. BNB is currently consolidating gains, with an immediate support at USD 250. A downside break below USD 250 might lead the price towards the USD 232 and USD 230 support levels. On the upside, the bulls could possibly aim for a test of USD 300, if there is a break above USD 285.
Litecoin (LTC) is up 3% and it is trading above USD 230. The current structure suggests more upsides above the USD 240 level. The main resistance is still near USD 250, above which the price might accelerate higher towards the USD 265 and USD 272 levels. On the downside, the USD 222 level is a decent support.
XRP price rallied over 7% and it broke the USD 0.550 resistance level. The price is now approaching the USD 0.585 resistance level. A clear break above the USD 0.585 level could open the doors for a move above the USD 0.600 level.
Other altcoins market today
Many altcoins climbed over 15%, including GLM, DODO, CAKE, RVN, XVS, OKB, HT, SOL, ICX, STX, CRO, FTT, DASH, MOTA, XEM, TRX, and VGX. Out of these, GLM rallied over 100% and it cleared the USD 0.50 level.
To sum up, bitcoin is rising steadily above USD 52,000. If BTC climbs above USD 53,000, there are chances of more upsides towards the USD 55,000 level.
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Originally Posted on: https://cryptonews.com/news/bitcoin-hits-new-ath-ethereum-and-altcoins-gaining-momentum-9285.htm
By: Aayush Jindal