Bitcoin Rallies 10%, Ethereum and Altcoins Surge
- Bitcoin price rallied 10% and broke the USD 47,200 resistance.
- Ethereum surpassed the USD 3,150 resistance, XRP could gain pace above USD 1.
- QTUM, ICX, and VET are up more than 19%.
Bitcoin price formed a base above the USD 43,500 level and started a strong increase. BTC rallied above the USD 45,500 resistance. It is currently (11:30 UTC) up nearly 10% and it could rise further above USD 47,500.
Similarly, most major altcoins are rising steadily. ETH jumped above the USD 3,120 and USD 3,150 resistance levels. XRP is rising and it could gain pace above USD 1.00. ADA broke the key USD 2.20 resistance level.
Total market capitalization
After a proper close above USD 43,500, bitcoin price started a fresh rally. BTC gained pace above the USD 44,400 and USD 45,500 resistance levels. The price is up nearly 10% and it could even accelerate higher above the USD 47,500 level. The next key resistance is near the USD 48,000 level, above which the price may possibly rise towards the USD 50,000 level.
On the downside, an immediate support is near USD 46,500. The next key support is forming near USD 46,200, below which the price might test USD 45,500.
"Q4 has often seen strong performances and the expectation the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially that on-chain data, particularly in the case of Bitcoin, seem to indicate a potential for a strong bull market continuation," Ulrik K.Lykke, Founder of crypto/digital assets hedge fund ARK36, said in an emailed comment.
However, he stressed that, technically speaking, BTC is still trading in the range and has to decisively break the USD 50,000 resistance if we are to see higher prices.
"In other words, it is not yet certain whether today’s price really will prove indicative of a greater uptrend," Lykke added.
He also reminded of two positive news this week:
- SEC's Chair Gary Gensler warming up to the idea of a 'paper' Bitcoin ETF,
- FED Chair Jerome Powell explicitly stating the US has no intentions of banning crypto.
"The markets also took note of how little China's reinforced crackdown on digital assets affected bitcoin's price action, indicating that investors have strong, long-term confidence in BTC's strength at the moment," the Founder said.
Ethereum price also started a major upward move above the USD 3,050 resistance. ETH cleared the USD 3,120 and USD 3,150 resistance levels. The price even cleared the USD 3,200 level and it might rise towards the USD 3,320 level. The next major resistance is near the USD 3,500 level.
If there is a downside correction, an initial support is at USD 3,150. The first major support is now forming near the USD 3,120 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is up almost 7% and it broke the main USD 2.20 resistance level. If the price remains supported, it might continue to move higher towards the USD 2.32 and USD 2.35 levels. On the downside, the USD 2.12 level is a major breakdown support.
Litecoin (LTC) broke many hurdles near USD 155 and USD 160. The next key resistance is near the USD 168 level, above which the next target for the bulls could be USD 188. If there is a downside correction, the previous resistance near USD 155 may possibly provide support in the near term.
Dogecoin (DOGE) gained pace above the USD 0.205 resistance level. The price even cleared the USD 0.212 level and it might rise steadily towards the USD 0.220 level. On the downside, the bulls might remain active near the USD 0.208 and USD 0.205 levels.
XRP price gained pace for a move above the USD 0.980 and USD 1.0 resistance levels. If there is a close above USD 1.00, the price could accelerate higher. The next major hurdle is USD 1.05 and USD 1.08, above which the bulls might test the USD 1.20 level. If there is a downside correction, the USD 0.980 level might provide support.
Other altcoins market today
Many altcoins are up over 10%, including VET, QTUM, OMG, AR, XTZ, NEAR, AMP, RUNE, AUDIO, EGLD, MIOTA, LUNA, UNI, GRT, MATIC, ICX, and SRM. Out of these, VET rallied 25% and it surpassed the USD 0.10 level.
Overall, bitcoin price is surging and it broke many hurdles near USD 45,500 and USD 46,500. If BTC continues to rise, it could test the USD 48,000 and USD 48,800 levels.
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(Updated at 15:24 UTC with a comment from Ulrik K.Lykke.)