Bitcoin and Altcoins Recovery Reaches Inflection Zone
Bitcoin price started an upside correction above USD 10,550, but it struggled near USD 10,800. Ethereum is up 5% and facing hurdles near USD 355, XRP surged above the USD 0.230 resistance. AVAX, ABBC, AR, and LINK rallied today.
Bitcoin price remained stable above USD 10,200 and started a steady recovery wave. BTC broke a major resistance near USD 10,550 to start the current wave. However, the price struggled near the inflection zone at USD 10,800 and it is currently (08:30 UTC) consolidating above USD 10,600.
Similarly, most major altcoins recovered, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD gained more than 5%, but it is facing a strong selling interest near the USD 355 pivot level. XRP/USD jumped above USD 0.225 and USD 0.230, but it might struggle near USD 0.235.
Total market capitalization
After trading to a new weekly low below USD 10,200, bitcoin price started an upside correction. There was a strong wave above the USD 10,450 and USD 10,550 resistance levels. BTC even spiked above USD 10,700, but it faced a heavy resistance near the USD 10,800 level (the last key breakdown zone). To continue higher, the price must settle above USD 10,800.
If not, bitcoin price might start a fresh decline below USD 10,600. The first major support is near USD 10,550, below which it could revisit the USD 10,200 support.
Ethereum price also followed a similar path and recovered above the USD 330 and USD 340 levels. ETH tested the USD 355 resistance zone, where the bulls struggled. The price is currently consolidating above USD 340, below which it could test the USD 330.
On the upside, the price must gain bullish momentum above USD 350 and USD 355 for a sustained upward move. The next key resistance could be USD 365, followed by USD 372.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price traded close to the USD 200 support before starting an upside correction. BCH is now trading above the USD 210 level, but it is facing a significant hurdle near the USD 220 level. A clear break above USD 220 might start a steady rise in the coming sessions.
Chainlink (LINK) surged more than 20% from the new monthly low near USD 7.20. It broke many barriers near USD 8.50 and USD 8.80. It is now facing an uphill task near the USD 10.00 and USD 10.50 levels. A daily close above USD 10.50 could push LINK back into a positive zone.
XRP price remained well bid above USD 0.220 and recovered nearly 5%. There was a break above the USD 0.225 and USD 0.230 resistance levels. The price is trading above USD 0.232 and it could attempt to clear the key USD 0.235 resistance. If there is no upside continuation, the price might start a fresh decline below USD 0.230.
Other altcoins market today
In the past three sessions, many altcoins gained over 10%, including AVAX, ABBC, AR, LINK, SNX, THETA, ATOM, BAND, ALGO, NEO, ADA, ANT, UNI, TMTG, REN, and BTG. Out of these, AVAX rallied 25% and broke the USD 4.50 resistance zone.
To sum up, bitcoin is showing recovery signs above USD 10,550. Having said that, BTC must climb above USD 10,800 to open the doors for a larger increase. If not, it could decline back below USD 10,550 in the near term.