Bitcoin Holds Ground Above USD 13,000, Altcoins Still Struggle
Bitcoin price started a strong increase after forming a base above USD 13,000. Ethereum is still facing hurdles below USD 400, XRP is consolidating near USD 0.240. RSR, YFI, SNX, ABBC, and BAND are down over 15%.
After a major downside correction, bitcoin price formed a support base above the USD 13,000 support. BTC started a fresh increase and climbed back sharply above USD 13,500. The price is currently (05:00 UTC) trading above USD 13,350 and it might continue higher above USD 13,500 and USD 13,600.
Conversely, most major altcoins remained in a bearish zone, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is stuck below USD 400 and it is facing a lot of hurdles near USD 395. XRP/USD is testing the USD 0.240 support and it might attempt an upside correction. Conversely, bitcoin cash price remained stable at the USD 260 level and it could rise above USD 270.
Total market capitalization
Bitcoin price
There was a strong recovery wave in bitcoin price from the USD 13,000 support zone. BTC gained over 3% and it broke the USD 13,500 resistance. It even climbed above USD 13,650, but struggled to clear USD 13,750. The price is consolidating gains and it could attempt another upside break above USD 13,650 and USD 13,750 in the near term.
On the downside, the USD 13,380 and USD 13,350 levels are decent supports. Any further losses could lead the price towards the USD 13,200 support.
Ethereum price
Ethereum price failed to recover similar to bitcoin and it remained well below the USD 400 resistance. ETH is trading in a range and it is holding the USD 382 and USD 380 support levels. If there is a downside break, the price could dive towards the USD 365 support level.
To start a strong increase, the bulls need to clear the USD 395 resistance with a follow-through move above the USD 400 resistance.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price outperformed bitcoin and ether, and it remained well bid above the USD 260 level. BCH even climbed above the USD 265 resistance and it might attempt more gains above the USD 270 level. If the bulls succeed, they could lead the price towards the USD 280 level.
Chainlink (LINK) is struggling to recover and it extended its decline below the main USD 11.20 support level. The next key support is near the USD 11.00 level, below which there is a risk of a sharp decline towards the USD 10.50 support. On the upside, the bulls might continue to face hurdles near USD 11.50.
XRP price remained below the USD 0.245 support level and it even broke the USD 0.242 pivot level. The price is currently consolidating near the USD 0.240 level, below which the bears might aim a test of the USD 0.235 support. On the upside, the previous support at USD 0.245 might present challenges to the bulls.
Other altcoins market today
In the past few hours, many altcoins tumbled over 10%, including RSR, SNX, YFI, BAND, ABBC, REN, OCEAN, COMP, AAVE, AMPL, ALGO, UNI, KSM, NXM, NEAR, and AVAX. Out of these, RSR dived close to 20% and it traded below the USD 0.012 support.
Overall, bitcoin price is showing positive signs above the USD 13,350 and USD 13,250 levels. If BTC regains strength above USD 13,500 with a follow-up move above USD 13,650, it could continue to rise in the near term.
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