Bitcoin Nears USD 60K, Ethereum and Altcoins Rise
- Bitcoin price is rising towards the USD 60,000 level.
- Ethereum cleared the USD 3,800 resistance, XRP is still well below the USD 1.20 resistance.
- DYDX, MATIC, and AXS are up by 6%-13%.
Bitcoin price remained well bid near the USD 57,000 level. As a result, BTC started a fresh increase above the USD 58,000 resistance zone. It is currently (04:13 UTC) gaining pace and it might even surpass the USD 60,000 level as the price jumped following a report that the US Securities and Exchange Commission is poised to allow the first US BTC futures exchange-traded fund to begin trading.
Besides, most major altcoins are also moving higher. ETH is up 5% and it cleared the USD 3,800 resistance zone. XRP is struggling and it is still well below the USD 1.20 resistance, while ADA failed to hit the USD 2.20 resistance.
Total market capitalization
After a minor downside correction, bitcoin price found support near the USD 57,000 zone. BTC formed a base and started a fresh increase above the USD 58,000 resistance. The price even cleared the USD 59,000 level and it might test USD 60,000. If the bulls remain in action, there could be more gains towards the USD 61,200 level.
On the downside, an initial support is near USD 59,000. The next major support is near USD 58,500, below which the price could start a stronger downside correction.
Ethereum price is gaining pace and it was able to clear the USD 3,750 resistance. ETH even surpassed USD 3,800 and it could continue to rise in the near term. If there is a clear break above USD 3,850, the price could continue to rise further towards the USD 4,000 level.
If there is a downside correction, the price might find support near the USD 3,780 level. The first key support is now forming near the USD 3,750 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is consolidating above the USD 2.15 level. An immediate hurdle is near the USD 2.20 level. A close above the USD 2.20 level could set the pace for a stronger increase. The next stop for the bulls could be near the USD 2.32 level. On the downside, the USD 2.12 level is a decent support.
Litecoin (LTC) is showing positive signs above the USD 180 level. The price could continue rising if there is a clear break above USD 185. The key hurdle is at USD 188, above which the price may possibly rise towards the USD 200 level.
Dogecoin (DOGE) is trading above the USD 0.232 pivot level. The first key resistance is near USD 0.250. A close above the USD 0.250 level might open the doors for a larger increase. In this case, the price could continue higher towards the USD 0.265 level.
XRP price is consolidating near the USD 1.12 level. An immediate resistance is near USD 1.15. A clear break above the USD 1.15 level may possibly increase the chances of a break above the USD 1.20 level. On the downside, the price could find bids near the USD 1.05 level.
Other altcoins market today
Many altcoins are up over 5%, including PERP, AXS, RUNE, NEAR, SNX, UNI, DYDX, HBAR, SUSHI, and BTG. Out of these, AXS rallied by almost 13% and neared USD 138.
Overall, bitcoin price is gaining pace above USD 59,000. The current price action suggests chances of a move above the USD 60,000 level in the near term.