Bitcoin and Ethereum Recovery Reaches Key Juncture, Altcoins Rally
- Bitcoin price is facing a major hurdle near USD 37,000.
- Ethereum is still below USD 2,500, XRP is consolidating near USD 0.60.
- ATOM, FTM, and LRC are up by 15%-29%.
Bitcoin price formed a base and started a decent increase above USD 35,000. BTC was able to clear the USD 36,000 resistance. It is currently (11:55 UTC) up 8% but there is a major hurdle waiting near USD 37,000.
Similarly, most major altcoins are approaching key barriers. ETH must clear USD 2,500 for a stronger recovery. XRP could gain pace for a move above USD 0.62. ADA might struggle to clear USD 1.08.
Total market capitalization
After forming a base, bitcoin price was able to climb above the USD 35,000 level. BTC even cleared the USD 36,000 resistance zone and is now rising towards a major resistance near USD 37,000. The next major resistance is near USD 37,500, above which the price might start a stronger recovery wave.
If not, there is a risk of a fresh decline below the USD 35,800 level. The next major support is near USD 35,000, below which the price could accelerate lower.
Ethereum price is trying to gain pace above the USD 2,400 pivot level as it’s up more than 7% in a day. The main hurdle is still near USD 2,500. The next one is near USD 2,5650, above which the price might start a steady upward move.
On the downside, an initial support is near the USD 2,350 level. The next major support is near USD 2,320, below which the price might decline to USD 2,200.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) is up 4% and trading above the USD 1.02 level. An immediate resistance is near the USD 1.05 level. The next major resistance is near USD 1.08, above which the price may perhaps rise above USD 1.10.
Binance coin (BNB) is moving higher above USD 365. It is consolidating near USD 370, and the bulls seem to be preparing for a move towards the USD 385 level. The next major barrier could be perhaps USD 400.
Solana (SOL) is up 9% and there was a clear move above the USD 90 level. On the upside, an immediate resistance is near USD 95, above which the price could rise towards the USD 100 level.
DOGE is gaining pace above USD 0.132. It also surpassed USD 0.135, and it could rise towards USD 0.145. The main breakout zone is near USD 0.150, above which the bulls could gain strength.
XRP price is consolidating above the USD 0.60 level. An immediate resistance is near the USD 0.620 level. The next key resistance is near USD 0.650. If there is no upside break, the price could revisit USD 0.55, where the bulls might take a stand.
Other altcoins market today
Many altcoins are up over 6%, including LUNA, DOT, AVAX, SHIB, MATIC, ATOM, WBTC, CRO, LTC, LINK, UNI, and FTM. Out of these, FTM gained 20% and there was a move above USD 2.35. Meanwhile, LRC jumped 29%, surpassing USD 0.95 and trimming its weekly losses to 22%.
To sum up, bitcoin price is showing bullish signs above USD 36,000. However, BTC must clear USD 37,000 and USD 37,500 to continue higher in the near term.