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Bitcoin and Altcoins Start Fresh Surge As Bulls Take Driver’s Seat

Aayush Jindal
Last updated: | 2 min read

Bitcoin price broke the USD 12,000 barrier and tested USD 12,500. Ethereum is likely to climb towards USD 445, XRP is up over 5% to USD 0.318. YFI, FET, and FXC gained more than 25% today.

Bitcoin price started a fresh increase after it broke the key USD 12,000 resistance. It opened the doors for more gains and the price traded close to the USD 12,500 level. It is currently (08:30 UTC) correcting gains, but there are several supports on the downside such as USD 12,200 and USD 12,050.

Similarly, there were bullish moves in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, EOS, TRX, XLM, LINK, and ADA. ETH/USD is slowly rising and it seems like the bulls are aiming a test of USD 445 or USD 450. XRP/USD is up over 5% and it is likely to continue higher towards USD 0.325 and USD 0.330.

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Bitcoin price

The bitcoin price finally broke the USD 12,000 resistance zone and gained 5%. BTC surpassed the USD 12,200 resistance and almost tested the USD 12,500 resistance. It is currently correcting lower and trading below USD 12,300. An initial support is near the USD 12,200 level, below which the price is likely to accelerate lower towards the USD 12,000 handle.

On the upside, the USD 12,450 and USD 12,500 levels are important barriers, above which the price could stage another 5% rally.

Ethereum price

Ethereum price is stuck in a range above the USD 420 and USD 430 support levels. ETH is facing hurdles near USD 435. A clear break above USD 435 might open the doors for a push towards the USD 445 and USD 450 resistance levels.

If there is a downside correction, the USD 422 level is a decent support, followed by USD 420. Any further losses may perhaps lead the price towards the USD 412 support level.

Bitcoin cash price is slowly gaining pace above the USD 310 level. An immediate resistance is near the USD 320 level. The next hurdle is seen near the USD 328 level, above which the bulls are likely to aim a test of the USD 340 level in the coming sessions. Conversely, the price might revisit the main USD 300 support level.

Chainlink (LINK) started a downside correction from the USD 20.00 resistance. The price traded below the USD 18.20 support level, but it is now approaching a major support near USD 17.00. If there are more losses, the bears are likely to aim a larger decline towards the USD 16.20 and USD 15.50 levels.

XRP price is gaining pace and it even spiked above the USD 0.320 resistance. It is currently correcting lower and trading below USD 0.318. On the downside, the previous hurdles near USD 0.312 and USD 0.310 are likely to act as strong supports if there is a downside correction. On the other hand, the bulls might aim a test of USD 0.330.

Other altcoins market today

In the past three sessions, a few small altcoins climbed over 8%, including YFI, FET, FXC, XEM, BAL, TRX, OCEAN, BAT, and LEND. Conversely, ALGO, LINK, RLC, KAVA, and OMG are down more than 8%.

To sum up, bitcoin clearly surpassed a major hurdle near USD 12,000. In the short-term, there could be a downside correction, but dips are likely to find bids near the previous resistance at USD 12,050 and USD 12,000.

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