Bitcoin Inches Closer To USD 14,000, Altcoins Trying To Catch Up
Bitcoin price is up over 5% and it broke the USD 13,750 resistance level. Ethereum is struggling to clear the USD 410 resistance, XRP is consolidating above USD 0.252. ANT, NEXO, and EWT are up around 10%.
In the past three sessions, there was a steady rise in bitcoin price above the USD 13,500 resistance. BTC even broke the USD 13,750 resistance and traded to a new monthly high. The price is currently (05:00 UTC) consolidating gains and it might even attempt a break above the USD 14,000 resistance.
There were also limited positive moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, BCH, and ADA. ETH/USD settled above the USD 400 level, but it is struggling to gain momentum above the USD 410 resistance. XRP/USD is showing positive signs above USD 0.252, but it must gain momentum for a strong increase.
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Bitcoin price
There was a strong increase in bitcoin price after it settled above the USD 13,500 resistance. BTC climbed above the USD 13,750 and USD 13,800 levels. A new monthly high was formed near USD 13,850 and the price is consolidating gains. An initial support on the downside is near the USD 13,650 level, but the key support is now forming near the USD 13,500 level.
On the upside, there are hurdles visible near USD 13,850, USD 13,880, and USD 13,950. The main hurdle is now near the USD 14,000 level.
Ethereum price
Ethereum price climbed back above the USD 400 level and it even broke the USD 405 resistance. However, the bulls are still struggling to gain strength for a push above the USD 410 level. A successful close above USD 410 could increase the chances of a steady rise towards USD 425.
On the downside, the USD 400 level might act as a strong support. If there is a bearish break below USD 400, the price could revisit the USD 385 and USD 380 support levels.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price settled above the USD 260 level and recently broke the USD 265 resistance. On the upside, the USD 270 level is a major resistance for more gains. If the bulls continue to struggle near USD 270, there is a risk of another bearish reaction below the USD 260 support.
Chainlink (LINK) recovered above the USD 11.80 and USD 12.00 resistance levels. However, the price failed to clear the USD 12.50 resistance and started a fresh decline. It is now trading below the USD 12.00 level, with a strong support near the USD 11.65 and USD 11.60 levels.
XRP price is showing positive signs above the USD 0.250 and USD 0.252 levels. A successful close above the USD 0.255 level is needed to restart the rally towards the USD 0.260 and USD 0.262 levels. If there is a fresh decline, the USD 0.250 level might provide support in the near term.
Other altcoins market today
In the past few hours, a few altcoins jumped over 5%, including ANT, NEXO, EWT, COMP, OCEAN, MKR, WBTC, and LTC. Conversely, ABBC, CVT, TMTG, LRC, NEAR, YFI, NANO, and AAVE are down over 5%.
Overall, bitcoin price is gaining bullish momentum above USD 13,500 and USD 13,700. If BTC clears the USD 14,000 resistance, there are chances of another 5%-6% rise in the coming sessions. The next major stop for the bulls could be USD 14,450.
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