28 Dec 2020 · 2 min read

Bitcoin Consolidates While Altcoins Start Strong Increase

Bitcoin price is consolidating its gains above USD 27,000. Ethereum is holding gains above USD 700, XRP is attempting a recovery, but facing hurdles near USD 0.300. LINK, DOT, and RUNE are up over 15%.

After setting a new all-time high, bitcoin price corrected lower to USD 26,000. Recently, BTC started a fresh increase, settled above USD 27,00, and is currently (13:00 UTC) consolidating well above this level.

Also, there was a fresh increase in major altcoins, including ethereum, XRP, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD remained strong above USD 700 and traded to a new yearly high near USD 740. XRP/USD is correcting higher, but the bulls might face resistance near USD 0.300 and USD 0.312.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a close above USD 26,500, bitcoin price climbed higher above the first key resistance (USD 27,250 level). The next major resistance is near the USD 27,500 level, above which the price could attempt to clear USD 28,000.
On the downside, the USD 26,600 and USD 26,500 levels are decent buy zones. A close below USD 26,500 level might call for a retest of the USD 26,000 support.

Ethereum price

Ethereum price remained stable above the USD 700 support zone. ETH extended its rise above the USD 725 resistance level. It traded to a new yearly high at USD 741 before correcting lower. It is now approaching the USD 720 support. Any more losses might call for a test of the USD 700 support.
On the upside, the first key resistance is near USD 735. A clear break above USD 735 and USD 740 might call for a push above the USD 750 resistance level in the near term.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price started a strong surge above USD 350. BCH is up over 12% and it is trading above USD 365. If there are more upsides, the bulls might test the USD 380 level. The next major stop for the bulls may possibly be near the USD 400 level.
Litecoin (LTC) is up around 5% and it is trading above the USD 130.00 support. LTC is rising and it seems like the bulls might attempt an upside break above the USD 140.00 resistance level. The next major hurdle for them could be USD 150. On the downside, the USD 125 and USD 122 levels are important support zones.
XRP price remained stable above the USD 0.275 support. It is currently recovering higher and trading above USD 0.290. An immediate barrier is near the USD 0.300 level. The next major resistance sits at USD 0.312, above which the price could rise steadily towards the USD 0.345 and USD 0.350 levels.

Other altcoins market today

In the past few hours, many altcoins gained over 10%, including LINK, DOT, RUNE, AAVE, RSR, LRC, EWT, EOS, CEL, ALGO, MIOTA, UNI, OMG, and XLM. Out of these, DOT gained 17% and it broke the USD 5.80 resistance level.

To sum up, bitcoin price seems to be consolidating gains while altcoins are rising. There could be more gains in ETH, BCH, DOT, and LTC unless BTC takes over and rallies above USD 27,500.

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