A quick 3min read about today's crypto news!
Bitcoin price started a steady increase above the USD 46,000 resistance. BTC even broke the USD 47,000 resistance and is currently (12:17 PM UTC) showing positive signs above USD 47,600. If it clears USD 48,000, there could be a steady increase towards USD 50,000.
Similarly, most major altcoins are also gaining momentum. ETH settled above the USD 3,400 level and it is now consolidating gains. XRP is rising and it might soon clear the USD 1.2 resistance. ADA could gain traction if there is a clear break above USD 2.50.
After a clear break above USD 46,000, bitcoin price started a steady increase. BTC broke the USD 47,000 resistance to enter a positive territory. There was also a steady move above USD 47,500. If the bulls remain in action, they could attempt an upside break above the USD 48,000 level. The next major resistance is near the USD 49,000 level, above which the price could test USD 50,000.
On the downside, an immediate support is near the USD 47,150 level. The first major support is now forming near the USD 46,800 level, below which the price could test USD 46,200.
Ethereum price broke the USD 3,400 resistance zone to enter a positive zone. ETH is now facing resistance near the USD 3,450 level. If it surpasses the USD 3,450 resistance level, the price could gain pace for a move towards the USD 3,500 hurdle.
Conversely, there could be a downside correction towards the USD 3,365 level. The next major support seems to be forming near the USD 3,320 level.
Cardano (ADA) is consolidating near the USD 2.40 level. An immediate resistance is near the USD 2.45 level, but the key breakout zone is near USD 2.50. The next key resistance is at USD 2.55, above which the price could start a steady increase. On the downside, the USD 2.32 level is a decent support.
Litecoin (LTC) is showing positive signs above the USD 180 level. However, the price must clear the USD 185 and USD 188 resistance levels to continue higher. The next major resistance is near USD 200. If there is a fresh decline, the price might find support near the USD 172 level.
Dogecoin (DOGE) is stuck below the USD 0.250 resistance zone. If the bulls succeed in clearing the USD 0.250 resistance, there could be a steady increase towards the USD 0.265 level. Any more gains may possibly lead the price towards USD 0.280.
XRP price is showing positive signs above the USD 1.05 support level. It is rising and attempting a clear break above USD 1.10. The main hurdle is still near the USD 1.12 level. A proper close above USD 1.12 could trigger a sharp increase. In this case, the price might rise towards USD 1.20.
Many altcoins climbed over 10%, including HBAR, AAVE, SUSHI, LINK, CRV, CAKE, XEC, FTM, YFI, FLOW, THETA, and COMP. Out of these, HBAR rallied over 16% and it broke the USD 0.55 level, before correcting lower.
To sum up, bitcoin price settled above the USD 47,000 level. If BTC continues to rise and clears USD 48,000, it could even test the USD 50,000 resistance in the near term.