Bitcoin and Altcoins Restart Uptrend, Climb To New 2020 Highs
- Bitcoin price jumped back above USD 10,000 and tested the USD 10,500 resistance.
- Ethereum surged more than 15% to USD 250 and XRP gained near 8%.
- Many altcoins rallied more than 20%, including HBAR, LUNA, XTZ, and XEM.
After a short term downside correction, bitcoin price found a strong support above USD 9,650. As a result, there was a strong increase above the USD 10,000 resistance area. The price even broke USD 10,200 and traded to a new yearly high close to USD 10,500.
Also, there were strong gains in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up more than 15% (09:00 UTC) and it cleared the key USD 240 and USD 250 resistance levels. Similarly, XRP/USD is rising and it is trading near the USD 0.290 area.
Total market capitalization
A strong surge lead bitcoin price above the USD 10,000 resistance and the USD 10,200 swing high. BTC/USD traded to a new 2020 high near USD 10,450 and it is currently consolidating gains. On the downside, an initial support is near the USD 10,200 area. The main support is now forming near the USD 10,000 level.
On the upside, the USD 10,450 level is an initial resistance. The key resistance is near USD 10,500, above which the price is likely to start a strong increase towards the USD 10,850 and USD 11,000 levels.
Ethereum price performed well and climbed significantly after it broke the USD 230 resistance. ETH/USD gained more than 15% and even traded above the USD 250 level. If there are more upsides, the bulls are likely to aim USD 265.
On the downside, an initial support is near the USD 246 level. The main support is near USD 242, below which there is a risk of a bearish extension towards the USD 230 support (the recent breakout zone).
Bitcoin cash, litecoin and XRP price
Bitcoin cash price finally managed to clear the USD 455 and USD 460 resistance levels. BCH/USD gained 8% and it climbed above USD 470. It seems like the price might continue to rise towards the USD 500 barrier. Conversely, the price might find support near the USD 460 and USD 455 levels if there is a downside correction.
Litecoin is back above the USD 75.00 resistance and it even traded to a new 2020 high. LTC/USD is trading near USD 78.50 and it is likely to surpass the USD 80.00 resistance in the near term. On the downside, the recent resistance near USD 75.00 might provide support.
XRP price is gaining pace above the USD 0.278 and USD 0.284 resistance levels. It is trading near the USD 0.290 resistance, above which the price is likely to hit the USD 0.300 mark. If there is a fresh decline, the USD 0.284 and USD 0.280 levels are seen as decent support levels.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins gained more than 15%, including HBAR, LUNA, CKB, XTZ, XEM, BCN, GNT, LINK, BEAM, CENNZ, VET and DGD. Out of these, HBAR rallied around 140% and LUNA is up nearly 30%.
Overall, bitcoin price is back in an uptrend and gaining pace above USD 10,200. If BTC/USD surpasses the USD 10,500 resistance, there could be a swift move towards the USD 11,000 resistance area in the near term.