Bitcoin and Ethereum Extend Rally, Altcoins Gain Momentum
Bitcoin price extended its rise and traded close to USD 38,400. Ethereum traded to a new all-time and it almost tested USD 1,700, XRP is eyeing USD 0.400. UMA surged 80%, AAVE and DOT are up over 20%.
Bitcoin price started a steady increase after it settled above USD 35,000. BTC even cleared the USD 37,000 resistance to move into a positive zone. It traded close to USD 38,400 and it is currently (05:00 UTC) correcting lower.
Similarly, most major altcoins are trading in a positive zone. ETH/USD remains in a strong uptrend and it traded to a new all-time high near USD 1,695. XRP/USD is seemingly setting up for a new upside break above the USD 0.400 resistance.
Total market capitalization
In the past two sessions, bitcoin price gained bullish momentum above USD 36,000. BTC even cleared the USD 37,000 resistance and spiked above USD 38,000. A high is formed near USD 38,350 and the price is correcting gains. An initial support is near the USD 37,500 level. The first major support sits at USD 37,200, below which the price might test the USD 36,500 support.
On the upside, the USD 38,000 level is a key barrier for the bulls. A daily close above the USD 38,000 level could open the doors for a fresh move towards USD 40,000.
Ethereum price is following a strong uptrend and it recently cleared the USD 1,600 level. ETH traded to a new all-time high and it almost tested the USD 1,700 level. It is correcting gains, with an immediate support near USD 1,650. Any more losses may push the price towards the USD 1,600 support.
The first key resistance on the upside is near the USD 1,695 and USD 1,700 levels. A clear break above the USD 1,700 level might call for a move towards USD 1,800.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price tested the USD 450 resistance level before correcting lower. BCH declined below USD 440, but it is holding the USD 432 and USD 430 support levels. As long as there is no close below USD 430, the price could revisit the USD 450 and USD 455 levels.
Litecoin (LTC) is consolidating above the USD 150 pivot level. An immediate resistance is near the USD 155 level. The first key resistance is near the USD 165 level. Any more gains might set the pace for a rally towards the USD 180 and USD 182 levels. Conversely, the price could slide back towards the USD 142 support.
XRP price is consolidating above the USD 0.365 and USD 0.372 levels. On the upside, an initial resistance is near the USD 0.392 level. The main resistance is still near the USD 0.400 level. It seems like the bulls are now aiming for a clear break above USD 0.400 to start a fresh increase towards USD 0.450.
Other altcoins market today
Many altcoins gained over 10%, including UMA, AAVE, ALPHA, CHSB, NEXO, DOT, SUSHI, CRV, DOGE, SOL, OMG, GRT, 1INCH, DCR, AVAX, and UNI. Out of these, UMA extended its rally and it surged above the USD 30.00 level.
Overall, bitcoin price is gaining momentum, and it is trading above USD 36,500 and USD 37,200. There could be range moves in the short-term, but it seems like BTC could make another attempt to settle above USD 38,000.