Bitcoin and Altcoins Might Get Boost From India News
- Bitcoin price is still struggling to gain bullish momentum above the USD 8,850 resistance.
- Ethereum is consolidating below USD 230 and XRP is holding the USD 0.232 support.
- Matic Network (MATIC) rallied 25% and HBAR is up around 15% today.
Today, the Supreme Court of India lifted the ban on cryptocurrencies trade imposed by the Reserve Bank of India. This is a positive signal and it could boost the market sentiment for bitcoin. However, in the past few hours bitcoin is still trading sideways.
Also, at the moment (08:30 UTC), most major altcoins are consolidating below key breakout levels, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD must climb above the USD 230 and USD 235 resistance levels to start a strong increase. XRP/USD is showing positive signs above USD 0.232, but it must climb above USD 0.240 to start a decent increase in the near term.
Total market capitalization
In the past two days, bitcoin price made two attempts to gain traction above the USD 8,850 and USD 8,900 resistance levels, but it failed. BTC/USD is currently consolidating near USD 8,800 and it might attempt one more time to continue higher. A successful close above the USD 8,850 and USD 9,000 resistance levels could open the doors for a solid rally.
If the price fails to rise above USD 9,000, it could start a fresh decline. An initial support is near the USD 8,650 level, below which there is a risk of a sharp drop below the USD 8,550 support area.
Ethereum price seems to be struggling near the USD 230 and USD 232 levels. Still, a close above the USD 230 resistance area is needed for a fresh increase. The next key hurdles on the upside are seen near the USD 245 and USD 250 levels.
On the downside, the key support is near the USD 220 level, below which the bears are likely to test the USD 210 support.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price tested the USD 340 resistance level and it is currently correcting lower. BCH/USD is trading below USD 330, but it might find support near the USD 324 and USD 320 levels. On the upside, the main resistance levels are USD 340 and USD 350.
Litecoin settled above the USD 60.00 pivot level and it is currently consolidating. On the upside, an initial resistance is near the USD 62.50 level, above which the price could rise towards the USD 64.50 and USD 65.50 levels. Conversely, a bearish break below the USD 58.50 support might start a major decline in the coming sessions.
XRP price is trading in a positive zone above the USD 0.230 and USD 0.232 support levels. However, the bulls need to gain momentum above the USD 0.240 and USD 0.242 levels to lead the price towards the USD 0.250 resistance. On the downside, the main support is near USD 0.230, followed by USD 0.224.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins jumped more than 5%, including MATIC, HBAR, LINK, ICX, KMD, ALGO, MONA, ATOM, MANA, ABBC, STX, CHZ, and VET. Conversely, KNC, SNX, MKR, and SXP are down more than 5%.
Overall, the market sentiment is improving, but bitcoin still needs to settle above the USD 8,850 and USD 9,000 resistance levels to start a strong increase. If not, it could decline below the USD 8,650 and USD 8,550 support levels.