29 Jan 2021 · 2 min read

Bitcoin Jumps To Almost USD 38K, Ethereum, Altcoins Try To Follow

Bitcoin price rallied 20% after Elon Musk updated his Twitter bio with #Bitcoin. Ethereum is up 10% and surpassed USD 1,400, XRP struggled to stay above USD 0.300 and corrected lower. DOGE is holding above USD 0.05, SC and RVN gained over 50%.

Bitcoin price surged 20% after Elon Musk updated his Twitter bio with #Bitcoin. BTC broke the main USD 35,000 resistance and even climbed towards USD 38,000. It is currently (12:30 UTC) holding gains above USD 36,000 and it might soon revisit the USD 38,000 resistance.

Most major altcoins are trying to catch up. ETH/USD is up almost 10% and it broke the USD 1,400 resistance. XRP/USD spiked above USD 0.300, but there was no proper close.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

The past few hours saw a massive increase in bitcoin price above the USD 34,500 and USD 35,000 resistance levels. BTC gained almost 20% and it even broke the USD 37,200 resistance. There was a spike almost to USD 38,000 before there was a correction. It is now trading well above USD 36,000. If the current trend remains intact, there are chances of a fresh run towards the USD 38,000 level.
On the downside, the price might remain stable above USD 35,000 (the recent breakout zone). Any more losses could lead the price towards USD 34,200.

Ethereum price

Ethereum price struggled to follow bitcoin, but it still managed to pop above the USD 1,350 and USD 1,375 resistance level. ETH traded above USD 1,400 and it is struggling to gain momentum above USD 1,425. A close above USD 1,425 might open the doors for a surge towards the USD 1,480 and USD 1,500 levels.
On the downside, the USD 1,375 level is a decent support (a multi-touch zone). The next major support could be near the USD 1,350 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price settled above the USD 400 level and it surpassed the USD 425 resistance. BCH is now consolidating gains and it seems like it might rise towards the USD 440 and USD 450 resistance levels. If there is a downside correction, the USD 405 and USD 400 levels could act as strong supports.
Litecoin (LTC) cleared the USD 138 and USD 140 resistance levels. LTC is showing positive signs above USD 140 and it could continue higher towards the USD 145 and USD 150 levels. Any more gains could open the doors for a push towards the USD 165 resistance level.
XRP price surged over 10% and it even spiked above the USD 0.300 level. However, there was no close above USD 0.300. As a result, there was a fresh decline, but the price is stable above USD 0.280. It seems like the bulls might aim for another upside break above the USD 0.300 resistance level in the near term.

Other altcoins market today

A few altcoins surged over 50%, including DOGE, WSB, SC, RVN, XVG, VGX, QNT, and FTM. Out of these, SC is gaining momentum above USD 0.008 and it is already up over 80%.

To sum up, bitcoin price is surging and it broke many important hurdles near USD 35,000 and USD 36,500. As a result, there are chances of a push towards USD 40,000 in the near term.