Bitcoin and Altcoins Skyrocket
Bitcoin price surged higher and settled above the USD 6,500 and USD 6,600 resistances. Ethereum, ripple, eos and bitcoin cash also gained bullish momentum. Many altcoins like cortex, WTC, KNC, NULS, nano and VET surged more than 10%.
Bitcoin formed a crucial support near the USD 6,250 level and bounced back. BTC/USD climbed above key hurdles near the USD 6,500 and USD 6,600 levels to move into a positive zone. The price traded close to the USD 7,000 level and it is currently correcting lower. It seems there was a short squeeze in bitcoin considering shorts positions were near all-time highs. Similarly, major altcoins like ethereum, ripple, bitcoin cash and eos bounced back and traded above a few important resistances.
Total market capitalization:
Bitcoin
Bitcoin price gained bullish momentum and traded above the USD 6,600 resistance. There was a break above the USD 6,900 level before sellers appeared. The price started a downside correction and traded below USD 6,800.
However, there are any supports on the downside near the USD 6,600 level, which was a resistance earlier. Therefore, if the price continues to move down, buyers are likely to appear near the USD 6,600 and USD 6,500 levels.
Ethereum
Ethereum price surged above the USD 275 and USD 290 resistance. However, ETH/USD sellers defended more gains above the USD 300 level. The price trimmed most of its gains and is currently trading near the USD 285 level (UTC 08:20 AM).
It seems like the price is trading in a range above the USD 275 level with key resistances near the USD 290 and USD 300 levels.
Bitcoin cash and ripple
Bitcoin cash price surged above the USD 560 level and traded towards the USD 580 level. BCH/USD is currently up around 4% and is trading near the USD 550 level. On the downside, supports are sitting near USD 540 and USD 520 level.
Ripple price spiked, but it failed near the USD 0.350 level. XRP/USD is currently up around 3% to USD 0.338 and it could bounce back towards USD 0.345 and USD 0.350 in the near term.
Other altcoins market today
The recent spike boosted the market sentiment, which helped many small cap altcoins like cortex, WTC, KNC, NULS, nano, VET, AOA, RHOC, PIVX and populous.
Overall, bitcoin’s price recent bounce is encouraging, but it would be interesting to see if buyers can retain momentum or not. If the price remains above the USD 6,600 support, there could be more gains in BTC and altcoins in the near term.
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