Bitcoin Finds Buying Interest, Altcoins Trade Higher
- Bitcoin price found support near USD 6,600 and is currently recovering higher.
- Ripple and Ethereum are staging a comeback and are facing hurdles.
- Loom Network, Ethereum Classic, Dropil and CyberMiles jumped more than 10%.
Bitcoin price finally found a strong buying interest near the USD 6,500 and USD 6,600 levels. BTC/USD started an upside correction and is currently recovering above USD 6,800 (GTM 12:10 PM). Similarly, major altcoins are trading with a stable bias above the recent lows and are consolidating. Overall, it seems like the crypto market is currently consolidating losses and there could be further recoveries in the near term.
Bitcoin price is currently trading above the USD 6,750 level with consolidation moves. BTC/USD may correct a few points in the near term toward the USD 6,900 and USD 7,000 levels, which are likely to act as resistances for buyers.
Should there be an upside break above the USD 7,000 level, the price may continue to recover in the near term. On the flip side, if recoveries are capped by the USD 7,000 level, there could be a bearish reaction back towards USD 6,600 in the near term.
Ethereum price also corrected higher and moved above the USD 510 and USD 520 levels. However, ETH/USD is facing a strong resistance near the USD 540 - USD 550 zone. An upside break above the mentioned zone is needed for the price to recover toward USD 600.
On the other hand, if the price fails to move past USD 550, there is a risk of another downside reaction towards the USD 510 and USD 500 support levels.
Bitcoin Cash and Ripple
Bitcoin cash price is holding the USD 900 level with consolidation moves. On the upside, resistances are seen near the USD 950 and USD 960 levels. On the downside, there are many supports around the USD 920 and USD 900 levels.
Ripple price is signaling a decent price action above the USD 0.55 level. However, ETH/USD has to move above the USD 0.60 level to gain bullish traction in the near term. Above this, the price may recover towards USD 0.62.
Other Altcoins Market Today
A few small cap altcoins moved into the bullish zone such as Loom Network, Ethereum Classic, Dropil and CyberMiles. The current price action is stable, suggesting short-term consolidation above key support levels.
Bitcoin price must move back above the USD 7,000 to stage a solid comeback. If not, there is a risk of another bearish wave.