Bitcoin and Ethereum Spike Higher, Altcoins Start Recovering
Bitcoin price started a strong recovery above USD 33,000. Ethereum returned above USD 2,000, XRP tested USD 0.500 and is back above USD 0.600. LPT rallied over 23%, and CELO gained almost 16%.
Yesterday, bitcoin price extended its decline below the USD 30,000 support zone. BTC tested the USD 28,800 zone before it started a major increase. It is currently (04:40 UTC) testing the USD 34,000 level.
Similarly, most major altcoins are recovering. ETH dropped towards the USD 1,700 level before recovering above USD 2,000. XRP/USD dived towards the USD 0.500 support before the bulls took control.
Total market capitalization
There were additional losses in bitcoin price below the USD 32,000 support zone. BTC gained bearish momentum and it even spiked below the USD 30,000 support. It tested USD 28,800 before the bulls appeared. The price started a strong increase above the USD 30,000 level. It even climbed above USD 32,000 and USD 33,500.
If the price breaks USD 34,000, it could test the key USD 35,000 resistance. On the downside, an initial support is near the USD 33,200 level. The key support is now at USD 32,500, below which there is a risk of a drop towards the USD 31,200 level.
Ethereum price also followed a similar pattern and it spiked towards the USD 1,700 level. Recently, there was a strong upward move above the USD 1,850 and USD 1,900 levels. The price even climbed above USD 2,000, but it might face sellers near the USD 2,080 and USD 2,100 levels.
An initial support is near the USD 1,950 level. The next key support is now forming near the USD 1,880 level, below which the price could revisit USD 1,700.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) even broke the USD 250 and USD 240 support levels. BNB spiked towards USD 225 before the bulls took a stand. The price is back above USD 250, and it is gaining pace above the USD 280 level. The next major resistance is near the USD 300 level.
Litecoin (LTC) spiked below the USD 112 support zone. LTC tested USD 105 before it started a decent recovery. The price is back above USD 125 but it might face resistance near the USD 132 and USD 135 levels.
Dogecoin (DOGE) declined heavily below the USD 0.20 and USD 0.18 support levels. It even tested USD 0.165 before recovering higher. On the upside, the price is now facing resistance near USD 0.212 and USD 0.220 in the short-term.
XRP price remained in a bearish zone and it extended its decline below the USD 0.550 support. It tested the USD 0.500 zone before correcting higher. The price is back above USD 0.600, but it could struggle near USD 0.620. The main resistance is now forming near the USD 0.650 level.
Other altcoins market today
Many altcoins gained over 5%, including LPT, CELO, NEXO, FIL, HNT, LEO, COMP, MKR, HBAR, ZEC, UNI, and SOL. Out of these, LPT is up over 23% and it broke the USD 25 level.
Overall, bitcoin price is gaining pace above the USD 33,000 level. If BTC breaks USD 34,000, it could even surpass the USD 35,000 resistance zone in the coming sessions.