A quick 3min read about today's crypto news!
Bitcoin price found support near the USD 58,500 level. BTC started a recovery wave above the USD 60,000 resistance. It is currently (12:03 PM UTC) trading near USD 60,800, but there are many hurdles on the upside.
Similarly, most major altcoins are attempting a recovery wave. ETH is inching towards USD 4,280, while XRP is nearing USD 1.12. ADA is still below USD 1.90.
Total market capitalization
After finding bids near USD 58,500, bitcoin price started an upside correction. BTC corrected above the USD 59,200 and USD 59,500 levels. It even climbed above USD 60,000 and USD 60,200. On the upside, the USD 61,200 level is an initial barrier. The next key resistance is forming near the USD 62,500 level, above which the price could start a steady upward move.
Conversely, the price might resume its decline below the USD 60,200 and USD 60,000 support levels. The next key support is near the USD 59,200 level.
Ethereum price is stable above the USD 4,120 support level. ETH recovered above USD 4,200, but it is struggling to gain momentum above USD 4,250. The next major resistance is near the USD 4,300 level, above which the price could rise towards USD 4,450.
On the downside, the price could find bids near USD 4,120. The main support is still USD 4,000, below which there could be a stronger decline.
Cardano (ADA) settled below the USD 1.92 pivot level and USD 1.90. It found support above USD 1.75 and is currently rising. The main breakout zone is near USD 1.92, above which the price could rise towards USD 2.00.
Binance coin (BNB) spiked towards the USD 550 support. It is now recovering and trading above USD 580. An initial resistance is near USD 585. The main resistance is near USD 600, above which there are chances of a move towards the USD 620 level.
SHIB is recovering and approaching the USD 0.0000500 resistance zone. The next major resistance is near the USD 0.0000520 level. Any more gains could set the pace for a move towards the USD 0.0000550.
Solana (SOL) returned above USD 220 again. A close above USD 220 and USD 225 might start a fresh increase. In this case, the price might rise towards the USD 242 level. The main resistance still stands near USD 250.
XRP price corrected higher from the USD 1.05 support zone. It is trading above USD 1.10, but there is a key resistance near USD 1.12. A clear break above USD 1.12 might push the price further towards the USD 1.20 level.
Many altcoins are up over 8%, including SAND, MIOTA, CRO, CRV, AVAX, MANA, IOTX, WAXP, ENJ, and SCRT. Out of these, SAND gained over 34% and it broke the USD 3.35 level.
To sum up, bitcoin price is trying to recover above USD 60,000. However, BTC must settle above USD 62,000 and USD 62,500 to continue higher in the coming sessions.