08 May 2020 · 2 min read

Bitcoin Gains Traction Ahead of Halving, Altcoins Struggle To Follow

Bitcoin price is up more than 6% and it tested the USD 10,000 resistance. Ethereum is attempting upside break above USD 212 and XRP is still below USD 0.220. Crypterium (CRPT) rallied more than 30% and ZRX is up close to 30% today.

In the past two days, there was a steady rise in bitcoin price above the USD 9,000 and USD 9,200 resistance levels. BTC even broke the USD 9,500 resistance and spiked above USD 10,000. It is currently (08:30 UTC) correcting lower, but dips remain supported above USD 9,550 and USD 9,500.

However, there was lack of bullish momentum in most major altcoins, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up close to 2% and it failed to stay above the USD 212 resistance. XRP is now well below the USD 0.220 resistance and it might revisit the USD 0.212 support zone.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

There was a strong increase in bitcoin price above the USD 9,500 resistance. BTC gained more than 6% and broke the USD 9,800 and USD 10,000 resistance levels. It topped near the USD 10,080 level and recently started a downside correction. The price is currently trading below USD 10,000 and it is approaching the USD 9,800. The main supports on the downside are near USD 9,550 and USD 9,500.
On the upside, a successful close above the USD 10,000 level might open the doors for another leg higher towards the USD 10,500 and USD 10,800 levels.

Ethereum price

Ethereum price spiked above the USD 212 resistance level, but it failed to gain bullish momentum. ETH is now trading near USD 210 and it might continue to move down. The first support is near USD 208, below which the price might to revisit the USD 202 and USD 200 support levels.
On the upside, a successful close above USD 212 and a follow-through above USD 215 are needed for a strong upward move.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is rising and trading above the USD 250 resistance. If BCH/USD continues to rise, it could test the USD 265 resistance level. The next key resistance is near USD 275. If the price fails to stay above USD 250, it could correct lower towards USD 240 or USD 235.
Litecoin remained well bid above the USD 45.00 resistance and it is now trading above the USD 46.20 level. An initial resistance is near USD 47.50, followed by the key USD 48.50 resistance. Any further gains could lead LTChttps://www.tradingview.com/symbols/LTCUSD/ towards the USD 50.00 level. On the downside, a break below USD 45.00 might call for a push to USD 42.50.
XRP price failed to continue higher above USD 0.220 and it started a fresh correction wave. It is trading below USD 0.218 and it might continue to move down towards USD 0.212 and USD 0.210. On the upside, a close above USD 0.220 and USD 0.222 is needed for a steady rise to USD 0.235.

Other altcoins market today

In the past three sessions, many smaller altcoins gained more than 6%, including CRPT, ZRX, ABBC, LEND, KMD, MAID, RCN, XMR, OMG, ICX, HOT, DATA, NEO, THETA, and VET.

Overall, bitcoin price is trading in a bullish trend ahead of the upcoming halving event. If BTC settles above USD 10,000, it could start a strong rally towards USD 10,800 or even USD 11,200.

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