31 December 2020 04:56 EST . 2 min read

Bitcoin and Altcoins Bullish Bias Intact Despite Recent Dip

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

Bitcoin price is stuck in a range above the USD 7,150 support area. Ethereum is consolidating near the USD 130 support and XRP is well below USD 0.200. ETP, WAVES, BCN and ZEN are gaining bullish momentum today.

Recently, bitcoin price trimmed most gains and declined below the USD 7,350 support. Moreover, BTC/USD declined below the USD 7,250 support and traded close to the USD 7,150 support. The price is currently (09:00 UTC) trading in a range and seems to be preparing for a fresh increase towards USD 7,350 and USD 7,550.

On the other hand, most major altcoins are facing an increase in selling pressure, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX and XLM. ETH/USD is currently consolidating near the USD 130 support, with hurdles near USD 134 and USD 135. XRP/USD is now trading below USD 0.200, with a support near USD 0.191.

Total market capitalization

Bitcoin price

After the bears took over, bitcoin price settled below the key USD 7,350 support and pivot level. It opened the doors for more downsides in BTC/USD below the USD 7,250 level. The price is now stuck between USD 7,350 and USD 7,150. It seems like the bulls are eyeing an upside break above the USD 7,350 and USD 7,550 levels in the near term.
On the other hand, an hourly close below the USD 7,200 and USD 7,150 support levels might put a lot of pressure on the bulls and the price could drop below USD 7,000.

Ethereum price

Ethereum price is back to the USD 130 support level. The next major support is near USD 128, below which there is a lesser chance of a fresh increase in the near term before the price revisits the USD 120 support area.
On the upside, there are key hurdles forming near the USD 134 and USD 135 levels, above which the price is likely to accelerate gains towards the USD 140 and USD 145 levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is trimming gains and trading below the USD 210 level. It seems like BCH/USD might revisit the USD 200 support before it could rise again. If there is a bearish break below the USD 200 support, the next major support may possibly be near the USD 184 level.
Litecoin failed to stay above the USD 43.50 and USD 43.00 levels. As a result, LTC/USD started a fresh decline and traded below the USD 42.50 support. However, there are many supports waiting near USD 41.20 and USD 40.50. On the upside, USD 43.20 and USD 43.50 are key hurdles.
XRP price is facing many hurdles on the upside near the USD 0.198 and USD 0.200 levels. On the downside, the USD 0.191 and USD 0.190 are major supports. A clear break below USD 0.190 may perhaps lead XRP/USD back towards the USD 0.182 support area.

Other altcoins market today

In the past three sessions, a few small capitalization altcoins climbed higher, including ETP, WAVES, BCN, ZEN, THETA and NRG.
Conversely, LUNA, VSYS, REP, MANA, BTT and DASH are down more than 5%.

Overall, bitcoin price seems to be consolidating above the USD 7,200 and USD 7,150 support levels. To start a decent increase, BTC/USD needs to gain strength above the USD 7,350 resistance level in the coming sessions.
_____