07 Dec 2021 · 2 min read

Bitcoin and Ethereum Clear Key Hurdles, AVAX and MATIC Rally

 

  • Bitcoin price recovered and cleared the USD 50,000 resistance.
  • Ethereum gained pace above USD 4,300, XRP is still trading below USD 0.85.
  • BNB rallied 7%, while AVAX and MATIC jumped over 11%.

Bitcoin price started a steady recovery wave above the USD 48,000 level. BTC even cleared the USD 49,500 and USD 50,000 resistance levels. It is currently (04:32 UTC) showing positive signs and it could continue to rise towards USD 52,000.

Besides, most major altcoins are also correcting higher. ETH gained pace for a move above the USD 4,250 resistance level and surpassed USD 4,300. XRP is still trading below the USD 0.850 resistance. ADA is up 6% and it could revisit the USD 1.50 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After struggling for some time, bitcoin price managed to pop above the USD 49,500 resistance. BTC even cleared the USD 50,000 level and accelerated higher. It is now trading above the USD 51,100 level while the next major resistance is near the USD 52,000 level, above which the price could continue to rise.

If there is another downside correction, the price might find support near USD 50,000. The next major support is near the USD 49,500 level, below which the price could test USD 48,000.

Ethereum price

Ethereum price remained well bid and was able to climb above the USD 4,200 and USD 4,250 resistance levels. It even surpassed USD 4,300 and is testing USD 4,350. A clear move above USD 4,350 could push the price toward the USD 4,500 level.

On the downside, an initial support is near the USD 4,250 level. The next key support is now forming near the USD 4,150 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) found support near USD 1.25 and started a fresh increase. The price was able to surpass the USD 1.35 and USD 1.40 resistance levels. If the bulls remain in action, the price might soon test USD 1.50.

Binance coin (BNB) started an upward move from the USD 532 support. It is up over 7% and broke the USD 580 resistance. The next stop for BNB could be USD 600, above which the price might rise towards the USD 620 level.

Solana (SOL) tested the USD 175 support before starting a fresh upward move. It is trading above USD 190 and facing resistance near USD 200. A close above the USD 200 resistance zone may perhaps lead the price towards USD 220.

SHIB is recovering above the USD 0.0000365 level. An immediate hurdle is near the USD 0.000038 level, above which the price could revisit the USD 0.000040 zone. If not, there might be a fresh drop towards the USD 0.000035 level.

XRP price nosedived and tested the USD 0.750 zone. It is now recovering losses and trading above USD 0.800. The next major resistance is near USD 0.850, above which it could rise towards USD 0.900.

Other altcoins market today

Many altcoins are up over 8%, including BTT, BSV, LRC, MATIC, ROSE, AVAX, CRO, BAT, FTM, ZEN, ANKR, and FLOW. Out of these, AVAX jumped by almost 12%, surpassing the USD 95 level, while MATIC rallied 17% and is now trading near USD 2.30. 

Overall, bitcoin price is back above the USD 50,000 level. If BTC continues to rise, there could be a steady move towards the USD 52,500 level in the near term.

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