06 Nov 2020 · 2 min read

Bitcoin Moves Towards USD 16,000, Altcoins Pick Up Pace

Bitcoin price extended its rally by 10% and it almost tapped the USD 16,000 level. Ethereum surged towards USD 440, XRP climbed above USD 0.250. UNI, MANA, AAVE, and SNX rallied over 20%.

Bitcoin bulls gained strength after there was a clear break above the USD 15,000 resistance. As a result, BTC gained over 10% and it surged above USD 15,500. The price traded to a new multi-month high close to USD 15,950 and it is currently (06:00 UTC) correcting gains below USD 15,750.

After consolidating in a range, most major altcoins started a strong increase, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD gained more than 5% and it cleared the USD 425 resistance level. XRP/USD also gained bullish momentum and it broke the USD 0.245 and USD 0.250 resistance levels.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a follow-through move above USD 14,500, bitcoin price rallied by more than USD 1,200. BTC broke many hurdles near USD 15,000 and USD 15,500. It traded close to the USD 16,000 resistance level and recently started a downside correction. There was a break below USD 15,750 level and the price is now consolidating near USD 15,500.
An initial support on the downside is near the USD 15,350 level. The main support is now forming near the USD 15,050 and USD 15,000 levels. On the upside, the USD 15,750 level is an immediate hurdle, above which the bulls might aim a break above USD 16,000.

Ethereum price

Ethereum price finally started following bitcoin price rally and it broke the USD 425 resistance. ETH even cleared the USD 435 resistance and spiked above the USD 440 level. The price is currently correcting lower, but dips might remain limited below USD 420.
If there is a fresh increase, the USD 435 and USD 440 resistance levels might act as hurdles. A clear break above USD 440 may perhaps push the price above USD 450 and USD 452.

Bitcoin cash price is up 3% and it surpassed the USD 245 and USD 250 resistance levels. BCH is approaching the USD 255 resistance, above which it could aim a test of the USD 265 resistance. Any further gains could lead the price towards the USD 280 level. On the downside, the price might find bids near the USD 240 level.
Chainlink (LINK) formed a strong support base near USD 9.80 and USD 10.00. As a result, there was a fresh increase above the USD 10.50 resistance level. The bulls had an upper hand and they managed to clear the USD 11.00 resistance. The price is now trading above USD 11.00 and it seems like there are chances of a move towards USD 12.00.
XRP price spiked above the USD 0.245 resistance level to move into a positive zone. The price even climbed above USD 0.250, but it is struggling to gain pace above the USD 0.252 and USD 0.254 levels. The main resistance is near USD 0.255. If there is a downside correction, the USD 0.245 level is a decent support zone.

Other altcoins market today

In the past few hours, many altcoins rallied over 10%, including UNI, MANA, AAVE, SNX, CVT, RSR, CEL, XEM, GNT, SNT, ZRX, KNC, THETA, EWT, and LTC. Out of these, UNI gained over 25%.

Overall, bitcoin price is trading in a strong uptrend above USD 15,000 and USD 15,350. There could be range moves or even a downside correction, but the current price action suggests more possible gains in BTC in the near term.

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