26 Oct 2020 · 2 min read

Bitcoin Attempting Fresh Increase, Altcoins Consolidate

Bitcoin price is moving higher and it could attempt a break above USD 13,250. Ethereum is stuck in a range above USD 400, XRP declined below USD 0.255. FIL extended its rally above USD 35.00, and KSM is up over 15%.

After a short-term downside correction, bitcoin found support near the USD 13,000 zone. BTC is currently (13:00 UTC) rising and it is trading above USD 13,100. An initial resistance on the upside is near USD 13,250, above which the price might rise towards the USD 13,500 resistance.

On the other hand, there was a minor decline in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, TRX, bitcoin cash, and ADA. BNB/USD is up over 3%. ETH/USD is struggling to climb above USD 410, but it is holding the USD 400 support. XRP/USD failed to stay above the USD 0.255 support, but it is still trading above USD 0.250.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

In the past two sessions, bitcoin price remained well bid above USD 13,000. BTC is trading above USD 13,100, but it is facing hurdles near the USD 13,250 and USD 13,300 levels. If there is a clear break above the USD 13,300 level, the price could rise towards the USD 13,500 level.
On the downside, an initial support is near the USD 13,050 level. The first key support is near the USD 13,000 level, below which the price could drop towards USD 12,750.

Ethereum price

Ethereum price struggled to gain momentum above the USD 408 and USD 410 levels. ETH/USD declined a few points and tested the USD 400 support. The price is holding the USD 400 support, but a break below the stated support could spark a strong decline.
On the upside, the USD 408 and USD 410 levels are the main hurdles. A successful close above the USD 410 level might open the doors for a fresh increase towards USD 420 or even USD 425.

Bitcoin cash price is down close to 2% and it broke the USD 270 level. BCH is testing the USD 265 support level and it might continue to move down towards the USD 260 support zone. If there is a fresh increase, the bulls might face selling interest near the USD 270 and USD 272 levels.
Chainlink (LINK) started a major downside correction from the USD 12.85 level. The price broke the USD 12.00 support level and it is showing a few bearish signs. The next stop for the bears could be USD 11.65, below which the price might find support near the USD 11.50 level.
XRP price failed to clear the USD 0.258 resistance and it broke the USD 0.255 support level. It is approaching the USD 0.252 support, but the main support is still near the USD 0.250 level. As long as there is no close below USD 0.250, the price might make another to clear the USD 0.260 resistance in the coming sessions.

Other altcoins market today

In the past few hours, a few altcoins gained over 8%, including FIL, KSM, VLX, RSR, EGLD, DOGE, AVAX, and DOT. Out of these, FIL is up over 20%.

To sum up, bitcoin price is showing positive signs and trading well above the USD 13,000 level. If BTC clears the USD 13,200 and USD 13,300 levels, there could be another strong rally.

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