Bitcoin and Altcoins Consolidate Gains, Dips Remain Attractive
- Bitcoin price extended its rally and tested the USD 40,000 zone before correcting lower.
- Ethereum tested the USD 1,250 resistance, XRP failed to stay above USD 0.300.
- HEDG surged further and gained over 200%, DOT, AAVE are in double digits.
Bitcoin price followed a bullish path and cleared a couple of key hurdles near the USD 38,000 level. As a result, there was a strong push above USD 39,000 and the price even spiked above USD 40,000. It is currently (05:00 UTC) consolidating gains above the USD 38,000 support zone.
Similarly, most major altcoins extended their gains. ETH/USD broke the USD 1,150 resistance and tested the USD 1,250 level. XRP/USD underperformed and it is still struggling to gain bullish momentum above the USD 0.300 and USD 0.312 resistance levels.
Total market capitalization
Yesterday, bitcoin price cleared a couple of important hurdles near the USD 38,000 and USD 38,500 levels. BTC even extended its rally above USD 39,200 and it spiked above USD 40,000. However, the bulls failed to gain strength above USD 40,000, resulting in a pullback. The price traded below USD 39,000 and it seems to be consolidating in a range above USD 38,000.
If there are more losses below USD 38,000, the price might continue to move down towards the USD 37,200 and USD 36,400 support levels in the near term.
Ethereum price also followed bitcoin, and it broke the USD 1,150 and USD 1,200 resistance levels. ETH tested the USD 1,250 level, where the bears took a stand. The price is currently correcting gains and trading below USD 1,225. The first major support is near the USD 1,200 level, below which the price might test USD 1,150.
On the upside, the USD 1,240 and USD 1,250 levels are important hurdles. A clear break above USD 1,250 might open the doors for a push towards USD 1,320 in the near term.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up now trading above the USD 500 level. An initial resistance is near the USD 525 level, above which BCH might test the USD 550 level. Any more upsides could open the doors for a push towards the USD 600 level. Conversely, a downside break below USD 500 could drift the price towards the USD 585 support.
Litecoin (LTC) is stable above USD 150, but it is struggling to gain momentum above USD 155. The next major resistance is at USD 165. A clear break above USD 165 might open the doors for a test of USD 180. If not, the price might revisit the USD 145 and USD 142 support levels.
XRP price broke the USD 0.300 resistance, but there was no real momentum. The price struggled to clear USD 0.305 and it declined below USD 0.300. Therefore, the price must settle above USD 0.300 and then gain pace above USD 0.312 to start a sustained upward move in the coming sessions.
Other altcoins market today
In the past few hours, many altcoins gained over 12%, including HEDG, IOST, DOT, ATOM, REN, ABBC, LINK, BNT, and NEXO. Out of these, HEDG outperformed again and it even broke the USD 2.00 barrier. DOT rallied by 26%, to USD 14.16, while AAVE extended its gains by 58%, almost reaching USD 1.5.
Overall, bitcoin price is trading above the USD 38,000 support level. The next major barrier is at USD 40,000, above which there are chances of a sustained upward move towards USD 42,000 and USD 42,500.