Bitcoin Plays With USD 40K, Ethereum, Altcoins Rally
Bitcoin price started a fresh increase and revisited USD 40,000. Ethereum is up over 5%, XRP is aiming for an upside break above the USD 0.65 resistance. OKB, HT, and AXS are up around 20%.
Bitcoin price remained well bid above the USD 36,000 and USD 36,250 levels. As a result, BTC started a fresh increase above the USD 38,000 resistance. It surged by 8%, tested the USD 40,000 barrier and it is currently (04:01 UTC) showing positive signs.
Similarly, most major altcoins are gaining strength. ETH gained 5% and it tested the USD 2,300 resistance zone. XRP is also showing positive signs and it could move further above USD 0.650.
Total market capitalization
After a downside correction, bitcoin price found support above the USD 36,250 level. BTC formed a base and it started a fresh increase. There was a clear break above the USD 38,000 and USD 38,500 resistance levels. However, the bulls are struggling to gain strength above USD 40,000. A close above this level could accelerate gains in the near term.
On the downside, the USD 39,250 level is a decent support. The next key support is near USD 38,500, below which the price might test USD 37,800.
Pankaj Balani, CEO of Delta Exchange, said he expects BTC to keep pushing higher, while ETH, altcoins will follow suit. According to him, the current momentum is strong and it won't be surprising to see BTC expand the USD 30,000 - USD 42,000 trading range on the upside and try to move towards USD 45,000.
However, "Only a conclusive break above USD 50,000 would attract fresh flows and signal a change in the broader direction for the market," the CEO wrote in an emailed comment to Cryptonews.com.
Ethereum price also followed a similar pattern from the USD 2,150 support zone. ETH climbed back above the USD 2,200 and USD 2,250 resistance levels. If the bulls remain active, the price may even rise above the USD 2,300.
On the downside, the price might remain stable above the USD 2,200 level. The next key breakdown support is now forming near the USD 2,150 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is gaining pace above the USD 1.25 resistance. An immediate resistance is near the USD 1.30 level. A proper break above USD 1.30 could set the pace for a move towards USD 1.35. If not, the price might retest the USD 1.20 support zone in the near term.
Litecoin (LTC) is up almost 5% and it surpassed the USD 132 resistance. The price is now trading near USD 135 and it might test the USD 140 resistance. Any more gains could open the doors for a move towards the USD 150 level. On the downside, the USD 130 level is a decent support.
Dogecoin (DOGE) is back above the USD 0.20 level, but it is lacking bullish momentum. An immediate resistance is near USD 0.212. The first key resistance is near USD 0.220, above which there are chances of a move towards USD 0.250.
XRP price gained traction and it broke the USD 0.632 resistance zone. The price is now approaching the USD 0.650 resistance. If the bulls succeed in clearing USD 0.650, they might aim for a test of USD 0.680. The next key resistance is near USD 0.700.
Other altcoins market today
In the past few hours, many altcoins gained over 10%, including AXS, ANKR, OKB, BTT, HT, MIOTA, LUNA, TEL, HBAR, FLOW, ICP and SC. Out of these, AXS rallied almost 24% and it surpassed the USD 45.00 level. At the time of writing, among the top 100 cryptoassets by market capitalization, there are no coins in red.
Overall, bitcoin price is gaining pace and it might accelerate higher above USD 40,000. If not, there is a risk of a move towards the USD 37,800 support zone.