Bitcoin Now Hunts USD 25,000, Altcoins Gain Bullish Momentum
Bitcoin price broke the USD 24,000 resistance and traded to a new all-time high near USD 24,680. Ethereum surpassed USD 625, XRP extended its recovery above USD 0.370. LTC, DOGE, STX, ADA, and OCEAN are up around 10%.
After forming a strong support base above USD 22,700 and USD 23,000, bitcoin started a steady increase. BTC broke the main USD 23,500 and USD 24,000 resistance level to start a fresh rally. It is currently (13:00 UTC) up over 5% and it traded to a new all-time high near USD 24,680.
Similarly, most major altcoins are gaining bullish momentum, including ethereum, XRP, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD is up over 8% and it broke the USD 625 resistance zone. XRP/USD extended its recovery and traded above the USD 0.370 level.
Total market capitalization
After a clear break above USD 23,500, bitcoin price gained bullish momentum. As a result, BTC was able to surge above the USD 24,000 resistance. BTC even broke the USD 24,500 resistance and traded close to USD 24,700. The price is trading in a positive zone and showing positive signs for a push above the USD 25,000 resistance level in the near term.
On the downside, the first major support is near the USD 24,200 level. The next major support is near the USD 24,000 level (the recent breakout zone).
Ethereum price also following bitcoin and climbed more than 5%. ETH broke the USD 620 and USD 625 resistance level. It seems like the price might continue higher towards the USD 635 and USD 640 resistance levels. Any more upsides might call for a test of the USD 650 level.
An initial support on the downside is near the USD 620 level (the recent breakout zone). Any more losses might call for a test of the USD 612 level.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is up over 10% and it broke the USD 295 and USD 300 resistance levels. BCH is now trading above USD 310 and it might make an attempt to settle above USD 320. If it succeeds, the next stop for the bulls could be USD 340. If there is a downside correction, the USD 300 level might act as a strong support.
Litecoin (LTC) is up over 15% and it broke the USD 112.50 and USD 115.00 levels. LTC is now trading above USD 120.00 and it might soon test the USD 125.00 resistance. The next key resistance is near the USD 132.00 level. Conversely, the USD 112.50 level might act as a strong support if there is a downside correction.
XRP price extended its recovery above the USD 0.350 and USD 0.370 resistance levels. If there are more upsides, the bulls might face a strong selling interest near the USD 0.385 and USD 0.400 levels. On the downside, the USD 0.342 and USD 0.320 levels might act as important supports.
Other altcoins market today
In the past few hours, many altcoins gained over 10%, including DOGE, STX, ADA, OCEAN, DASH, WAVES, NEXO, LINK, OMG, XLM, and REP. Out of these, DOGE gained pace and cleared the USD 0.0045 resistance.
To sum up, bitcoin price cleared a couple of major hurdles near USD 24,000. It has opened the doors for more upsides above USD 24,500 and USD 2,4700. However, BTC might face a strong sell wall near the USD 25,000 level.