Bitcoin price started a steady increase above USD 45,000 and it even surpassed USD 48,000. BTC tested the USD 50,000 resistance and it is currently (05:00 UTC) consolidating gains. The price could continue to rise if the bulls gain strength above the USD 50,000 resistance.
Besides, most major altcoins gained bullish momentum. ETH broke the USD 1,500 resistance and tested the USD 1,600 zone. XRP/USD is rising and it could attempt an upside break above USD 0.450.
Total market capitalization
After a successful break above USD 48,000, bitcoin price extended its recovery above the USD 49,000 and USD 49,500 levels. BTC even spiked above USD 50,000 before it started consolidating gains. The price is showing positive signs and it seems like the bulls are eyeing a break above the USD 51,000 and USD 52,000 resistance levels.
On the downside, an initial support is near the USD 49,000 level. The first major support is near the USD 48,000 level, below which the price might start a fresh decline.
Ethereum price increased after there was a successful close above the USD 1,500 resistance. ETH broke the USD 1,550 level and it even spiked above the USD 1,600 level. The current price action suggests there are chances of more gains above the USD 1,600 and USD 1,620 levels. The next key resistance sits near the USD 1,700 level.
If there is no break above USD 1,600, the price could decline back towards the USD 1,520 and USD 1,500 support levels.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is showing positive signs above the USD 245 and USD 250 levels. An immediate resistance is near USD 255, above which the bulls could attempt a break above USD 265. The main support is now forming near USD 232.
Cardano (ADA) is correcting gains from well above USD 0.130. ADA is now testing the USD 1.220 support zone. The key support sits at USD 1.200. Any more losses might call for a test of USD 1.080. Conversely, the price could clear USD 1.300 for a fresh increase.
Litecoin (LTC) is gaining momentum above the USD 165 and USD 170 resistance levels. If LTC settles above USD 185, it could rise steadily to test the key USD 200 resistance zone. On the downside, the previous resistance at USD 165 might act as a strong support.
XRP price is up over 5% and it is approaching the USD 0.450 resistance. If there is a clear close above USD 0.450, the price could climb towards the USD 0.465 resistance. The next key resistance sits near the USD 0.480 level. The main hurdle is near the USD 0.500 level.
Other altcoins market today
Many altcoins gained over 10%, including FLOW, SUSHI, TFUEL, COMP, ENJ, CRV, FTM, ICX, LINK, ZEN, SNX, RUNE, BNT, UNI, FTT, GRT, LUNA, and CAKE. Out of these, FLOW surged 35% and tested UD 30.00.
Overall, bitcoin price is showing positive signs above USD 48,000 and USD 49,000. However, BTC must gain strength above USD 50,000 and USD 51,000 to continue higher.
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Originally Posted on: https://cryptonews.com/news/bitcoin-plays-with-usd-50k-ethereum-altcoins-gain-bullish-mo-9392.htm
By: Aayush Jindal