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Bitcoin Price Facing Uphill Task Near USD 7,400

  • Bitcoin price climbed higher towards the USD 7,400 resistance zone.
  • Ethereum, bitcoin cash and ripple declined slightly, but remain above key supports.
  • Dropil, STRAT and bytecoin rallied more than 10% today.

Bitcoin traded further higher during the past three sessions and broke the USD 7,350 resistance. BTC/USD tested the next important resistance at USD 7,400 and it is currently consolidating gains. To the topside, the USD 7,400 and USD 7,500 levels are crucial hurdles for buyers. Therefore, the next move depends whether buyers are able to push the price above these levels. On the other hand, there was a minor downward move in major altcoins like ethereum, bitcoin cash and ripple, but they all are still trading above key supports.

Total market capitalization:

Bitcoin Price Facing Uphill Task Near USD 7,400 101
Source: coinmarketcap.com

Bitcoin
Bitcoin price gained more than 1% recently and tested the USD 7,400 resistance. BTC/USD is currently (UTC 08:20 AM) trading with bullish moves above the previous resistance (now support) at USD 7,350. However, buyers need to push the price above the USD 7,400 barrier and then USD 7,500. Both are important resistances for a move towards the USD 8,000 handle.
If buyers fail, there could be a downside correction towards the USD 7,250 and USD 7,050 support levels in the near term.

Ethereum
Ethereum price could not settle above the USD 290 resistance and it slowly declined. ETH/USD is down around 1%, but it is still trading above the USD 275 support, which is a positive sign.
Buyers need to gain momentum above the USD 290 resistance for more upsides towards USD 300 and USD 310 in the short term.

Bitcoin cash and ripple
Bitcoin cash price remained confined in a tiny range above the USD 620 support. BCH/USD needs to break the USD 640 and USD 650 resistances to start a fresh upward move. On the other hand, a break below the USD 620 range support could ignite bearish moves in the near term towards USD 600 and USD 580.
Ripple price seems to be struggling to gain buying interest and it is currently down more than 1.2% to USD 0.328. XRP/USD could continue to move down towards the next supports at USD 0.325 and USD 0.323.

Other altcoins market today
The market sentiment was mostly positive for small cap altcoins like dropil, STRAT and bytecoin, PIVX, MOAC, NPXS, GAS, MCO and PAY. Out of these dropil climbed around 17% and STRAT gained roughly 12%.

To sum up, bitcoin price remains in an uptrend above the USD 7,250 support. However, buyers are likely to face a lot of selling interest near the USD 7,400 and USD 7,500 resistance levels. Should there be a close above USD 7,500, there could be solid gains in BTC and altcoins in the coming days.
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Bitcoin Price Facing Uphill Task Near USD 7,400 102
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