Bitcoin Rallies, Altcoins Could Follow Soon
Bitcoin price is up 5% and it climbed above USD 16,400. Ethereum might retest the USD 470 resistance, XRP is stuck below USD 0.260. SUSHI rallied 10%, and CHSB is up 8% to USD 0.0975.
Bitcoin price remained in a positive zone and it finally managed to climb above the USD 16,000 resistance zone. BTC gained 5% and there was a break above the USD 16,400 resistance. The price is currently (04:30 UTC) correcting gains.
Conversely, there were mostly range moves in most major altcoins, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD is trading above USD 460, but it is facing key hurdles near USD 468 and USD 470. Similarly, XRP/USD is holding the USD 0.255 support, but it is struggling to gain momentum above USD 0.260.
Total market capitalization
Finally, bitcoin price gained strength above the USD 15,800 resistance and it surged above the USD 16,000 resistance. BTC gained over 5% and it even traded close to the USD 16,500 level. If the current momentum stays intact, there are high chances of more gains above the USD 16,500 and USD 16,600 levels.
If there is a downside correction, the USD 16,250 level might act as a decent support. The next major support seems to be forming near the USD 16,000 level.
Ethereum price is struggling to follow bitcoin and it is trading above the USD 460 level. On the upside, the USD 468 and USD 470 levels are acting as major barriers for the bulls. A close above USD 470 is needed for a push towards USD 485 or even USD 495.
Another failure to clear the USD 470 level might trigger a downside correction. An initial support on the downside is near the USD 458 level, but the main support is now forming near USD 454.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price is slowly rising and it is approaching the USD 260 resistance levels. If BCH settles above the USD 260 level, it could rise steadily towards the USD 265 and USD 270 levels. Conversely, it could move down in a range and retest the USD 250 support level in the near term.
Chainlink (LINK) is showing a few bearish signs below the USD 13.00 support level. The price even broke the USD 12.50 support level, but it stayed above the USD 12.20 level. It is currently attempting an upside correction, but the USD 12.80 and USD 13.00 levels might act as barriers in the near term.
XRP price is trading in a broad range above the USD 0.252 support level. On the upside, the price is facing a strong resistance near USD 0.260. A successful close above the USD 0.260 resistance level is needed for a sustained upward move. If not, there is a risk of a break below the USD 0.255 and USD 0.252 support levels.
Other altcoins market today
In the past few hours, a few altcoins gained over 8%, including SUSHI, CHSB, HEDG, LTC, KSM, ICX, WBTC, and WAVES. Conversely, ABBC, OCEAN, STX, NEAR, VET, ANT, TMTG, AMPL, and SOL are down over 5%.
Overall, bitcoin price is gaining momentum above USD 16,200 and USD 16,000. It seems like BTC might clear the USD 16,500 level and continue higher towards the USD 16,750 and USD 16,800 levels.