Bitcoin and Altcoins Dip Remains Attractive To Bulls
- Bitcoin price struggled to surpass the USD 10,500 resistance and currently correcting lower.
- Ethereum traded to a new 2020 high at USD 275 and XRP surged above USD 0.320.
- HBAR extended its rally by 50% and CHZ gained nearly 35% today.
Recently, bitcoin price made another attempt to climb above the USD 10,500 resistance area. However, BTC/USD failed to continue convincingly above USD 10,450 and recently started a downside correction. On the downside, there are many key supports near USD 10,050 and USD 10,000.
Besides, there was a significant upward move in most major altcoins in the past three sessions, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD jumped above the USD 260 and USD 270 levels before correcting lower. Also, XRP/USD surged close to 18% and traded above USD 0.330.
Total market capitalization
After another rejection near USD 10,450 bitcoin price started a downside correction. BTC/USD dipped below the USD 10,250 support, but there are many supports on the downside. The first key support is near the USD 10,050 and USD 10,000 levels. The next major support is near the USD 9,850 level.
On the upside, an initial resistance could be USD 10,350 level. The main hurdle for the bulls is still near USD 10,450 and USD 10,500, above which the price is likely to continue higher in the near term.
Ethereum price extended its rise above the USD 260 and USD 270 resistance levels. ETH/USD traded to a new yearly high at USD 275 and it is currently (09:00 UTC) correcting lower. It broke the USD 265 support and it could continue to move down towards the USD 250 and USD 245 support levels.
On the upside, the USD 265 level might act as a short term resistance. A fresh increase above USD 265 and USD 270 will most likely open the doors for a new 2020 high above USD 275.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price jumped above the USD 475 resistance and traded to a new 2020 high at USD 485 before starting a downside correction. BCH/USD is now trading below USD 475 and it could decline further towards the USD 455 and USD 450 support levels. To continue higher, the bulls need to gain strength above USD 475.
Litecoin pumped above the USD 80.00 and USD 82.00 resistance levels. LTC/USD traded close to the USD 85.00 level, where the bulls emerged. The price is currently correcting lower below USD 80.00. The first key support is near the USD 76.50 and USD 75.50 levels, where the bulls are likely to take a stand.
XRP price performed well in the past three sessions and it rallied significantly after it broke the USD 0.300 resistance. The price even surged above USD 0.320 and USD 0.330 before correcting lower. It is now approaching the USD 0.300 and USD 0.292 support levels.
Other altcoins market today
In the past three sessions, a few small-capitalization altcoins gained more than 5%, including HBAR, CHZ, DX, HOT, ARDR, OKB, SC and NEXO. Conversely, SNX, STX, XTZ, MANA, XEM, ENJ, and MIOTA are down more than 5%.
Overall, bitcoin price is showing signs of a short term downside correction below USD 10,350. BTC/USD might continue to correct lower and it could even test the USD 9,850 support area, where the bulls are likely to reappear.