Bitcoin and Altcoins Struggle To Surpass Key Hurdles
- Bitcoin price is still struggling to clear the USD 11,550 resistance.
- Ethereum is now trading well below USD 380, XRP is holding the USD 0.240 support.
- UMA is up over 15% today.
Bitcoin price remained well bid above the USD 11,250 support level. As a result, BTC started a fresh increase above the USD 11,350 level. BTC even spiked above USD 11,500 and it is currently (05:00 UTC) trading above USD 11,400. To continue higher, the price must surpass the USD 11,500 and USD 11,550 resistance levels.
Besides, most major altcoins are consolidating above key supports, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is holding the USD 365 support, but it is now well below the USD 380 level. XRP/USD is consolidating above the USD 0.240 level, with an immediate hurdle at USD 0.245.
Total market capitalization
Recently, bitcoin price recovered higher, and traded above the USD 11,350 and USD 11,400 levels. BTC even spiked above USD 11,500, but it struggled to gain bullish momentum. The main weekly hurdle on the upside is still near the USD 11,550 level. A clear break above the USD 11,550 resistance is a must for upside continuation towards the USD 11,850 and USD 12,000 levels.
On the downside, the main support is still near the USD 11,250 and USD 11,200 levels. If there is a clear break below USD 11,200, the price might even break the USD 11,000 weekly support.
Ethereum price traded close to the USD 365 support level before starting an upside correction. ETH is back above USD 370, with an initial hurdle at USD 375. The first major resistance is near the USD 380 level, above which the bulls might attempt an upside break above USD 385.
If there is a fresh decline, the price might find a strong buying interest near the USD 365 weekly support. Any further losses may perhaps open the doors for a push towards USD 350.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price outperformed bitcoin and ether this past week, but it struggled to continue higher above USD 265. BCH also corrected lower and traded below the USD 250 support. The price is now trading well above USD 240 and facing hurdles near USD 250. The main weekly support is near the USD 240 level.
Chainlink (LINK) traded close to the USD 10.20 support level before starting an upside correction. The price is trading above USD 10.50, but it is facing a couple of important barriers near USD 10.80 and USD 11.00. A successful daily close above USD 11.00 is a must for a fresh increase. If not, the price might revisit the USD 10.00 support.
XRP price declined steadily after it failed to gain strength above the USD 0.260 resistance. The price broke the USD 0.250 and USD 0.245 support levels. It is now consolidating above USD 0.240, with an immediate resistance at USD 0.245. The first key resistance on the upside is near the USD 0.250 level.
Other altcoins market today
In the past few hours, a few altcoins gained over 5%, including UMA, OKB, OCEAN, QNT, UNI, and THETA. Conversely, FIL, CRO, WAVES, GNT, AR, HEDG, and DCR are down more than 5%.
Overall, bitcoin price is trading above the USD 11,200 and USD 11,250 support levels. However, BTC must surpass the USD 11,500 and USD 11,550 resistance levels to continue higher.