Bitcoin and Altcoins Surging, Market Gathering Bullish Momentum
- Bitcoin price regained strength and climbed above the USD 9,650 resistance.
- Ethereum surged above the USD 200 barrier and XRP settled above USD 0.280.
- XEM, BCH, NEXO, BCH, and HBAR are up more than 12% today.
After forming a strong support base above USD 9,200, bitcoin price started a fresh increase above USD 9,350. BTC/USD gained bullish momentum and surpassed the USD 9,550 and USD 9,650 resistance levels. The price traded close to USD 9,750 and it is currently (09:00 UTC) showing positive signs.
Also, there were strong gains in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD rallied more than 10% and broke the USD 200 resistance area. On the other hand, XRP/USD is consolidating gains above USD 0.280, but it could rally towards USD 0.300.
Total market capitalization
Recently, bitcoin price started a fresh increase above the USD 9,350 pivot level. BTC/USD surpassed many hurdles near USD 9,550 to enter a bullish zone. The price even climbed above USD 9,700 and traded to a new 2020 high. It is currently consolidating gains above the USD 9,550 and USD 9,500 support levels.
On the upside, the USD 9,720 and USD 9,750 are initial resistance zones. A clear break above the USD 9,750 level might open the doors for a push towards USD 9,950 and USD 10,000.
Ethereum price surged in the past three sessions and broke many hurdles near USD 200. ETH/USD even climbed above USD 208 and tested the USD 212 area. It is currently trading above USD 205 and it might continue to rise towards USD 220.
On the downside, an initial support is near the USD 205 level, followed by USD 202. The main support is now near USD 200, below which the price could test the USD 195 zone.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price surged more than 12% and jumped above the USD 400 and USD 405 levels. BCH/USD is now trading above USD 430 and it may soon make an attempt to climb above the USD 450 level. On the downside, there are decent supports forming near the USD 425 and USD 420 levels.
Litecoin is up around 5% and it climbed back above USD 70.00. Besides, there was a break above the USD 72.50 resistance. The bulls are now eyeing an upside break above the USD 74.50 and USD 75.00 levels in the near term. The next key resistance awaits near the USD 78.50 level.
XRP price remained well bid above the USD 0.275 and USD 0.280 levels. On the upside, the bulls need to surpass the USD 0.285 resistance area to push the price towards the USD 0.300 area. On the downside, a break below USD 0.275 might lead the price towards the USD 0.262 support.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins climbed more than 10%, including XEM, NEXO, BCN, HBAR, BSV, ICX, MONA, BTS, ETC, RLC, and ZEC. Out of these, XEM is up around 25% and NEXO gained nearly 13%.
Overall, bitcoin is gaining bullish momentum above the USD 9,550 resistance area. If BTC/USD bulls remain in action above USD 9,550, there are high chances of more upsides above the USD 9,850 and USD 10,000 levels in the near term. If not, it could correct lower towards the USD 9,350 level.