Bitcoin and Altcoins Gaining Bullish Momentum, Market Up 20%
Bitcoin price is up more than 20% and it settled above USD 6,000. Ethereum gained 22% and XRP rallied above the USD 0.160 resistance. Many altcoins jumped more than 25% today, including TT, BSV, MIOTA, ATOM, and MATIC.
After forming a support base above the USD 5,200 level, bitcoin price started a strong rise. BTC/USD broke the key USD 5,550 and USD 5,850 resistance levels to move into a positive zone. The price is now (08:00 UTC) trading well above USD 6,000 and facing a couple of hurdles near USD 6,550.
Similarly, most major altcoins are up between 10%-15%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 18% and it is now trading above the USD 135 resistance. Besides, XRP/USD broke the USD 0.155 resistance and it is now trading above USD 0.165.
Total market capitalization
After a successful close above USD 5,550, bitcoin price gained bullish momentum above USD 5,850. BTC/USD is up more than 15% and it tested the USD 6,400 resistance area. It is currently consolidating gains and trading near USD 6,500. If there is a downside correction, the USD 6,200 level might act as a support.
On the upside, the first major resistance is near the USD 6,550 and USD 6,600 levels. A successful break above the USD 6,600 level might push the price towards the USD 6,800 level.
Ethereum price rallied sharply above the USD 125 and USD 130 resistance levels. ETH/USD even broke the USD 135 resistance level and tested the USD 140 area. The next major resistance for the bulls is now near the USD 150 level.
On the downside, an initial support is near the USD 132 level, below which the price could correct lower towards the USD 125 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up more than 30% and it broke the USD 190 and USD 200 resistance levels. BCH/USD even climbed above the USD 220 level and it is now approaching the USD 240 resistance level. A clear break above the USD 240 and USD 250 resistance levels won’t be easy in the near term. The previous resistance near USD 205 and USD 200 may now act as supports.
Litecoin managed to gain pace above the USD 35.00 and USD 36.50 resistance levels. As a result, LTC/USD spiked above the USD 40.00 barrier and it is now showing a lot of positive signs. Having said that, there are now chances of a downside correction below the USD 38.50 level.
XRP price broke the USD 0.155 resistance level to start the current rally. The price is up close to 15% and it broke the USD 0.165 resistance. Any further gains could lead the price towards the USD 0.172 and USD 0.175 resistance levels. The next key resistance is near USD 0.180.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins rallied more than 20%, including TT, MIOTA, VSYS, ENJ, NMR, ATOM, MCO, MATIC, MKR, NEXO, BCH, DGB, HEDG, BCD, and BTG.
Overall, bitcoin price is gaining bullish momentum, but it is facing hurdles near USD 6,500 and USD 6,550 levels. A successful break above USD 6,550 might lead the price towards USD 6,800. If not, it could correct lower towards USD 6,200 or USD 6,000.