Bitcoin Resumes Rally Above USD 13,400, Altcoins Gaining Traction
Bitcoin price resumed its rally and climbed to a new monthly high above USD 13,450. Ethereum is back above USD 400, XRP is showing positive signs above USD 0.250. KSM extended its rise above USD 35.00.
Bitcoin price remained well bid above the USD 13,000 pivot level and started a fresh increase. BTC broke the USD 13,300 resistance and traded to a new monthly high above USD 13,450. It is currently (13:00 UTC) consolidating gains and it might continue higher.
Also, there was a strong recovery in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is back above USD 400 and it might test the USD 410 resistance level. Similarly, XRP/USD climbed back above USD 0.250 and it is approaching the USD 0.255 resistance zone.
Total market capitalization
Source: www.tradingview.com
Bitcoin price
After a successful close above USD 13,000, bitcoin price started a fresh increase. BTC broke the USD 13,200 and USD 13,300 resistance levels to restart its rally. The price even traded close to the USD 13,500 level before correcting lower. An initial support on the downside is near the USD 13,350 level, but the main support is now forming near USD 13,000.
On the upside, the price is facing a key hurdle near the USD 13,500 level. A clear break above the USD 13,500 level may perhaps clear the path for a push towards the USD 13,850 and USD 14,000 levels.
Ethereum price
Ethereum price bounced back after tagging the USD 385 support zone. ETH trimmed most losses and it is now trading above the USD 400 level. The bulls are still facing strong resistance near the USD 410 level, above which the price could gain pace towards the USD 425 level.
If there is a fresh decline, the USD 400 level is a short-term support. The next key support is near the USD 392 and USD 388 levels.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price recovered from the USD 255 zone and it climbed above the USD 260 level. BCH even surpassed the USD 265 resistance. The next major barrier is near the USD 270 level, followed by USD 272. If there is another failure near USD 270, the price could revisit the USD 260 support.
Chainlink (LINK) started a sharp increase from the USD 11.20 support zone. The price climbed above the USD 11.80 and USD 12.00 resistance levels. It seems like the price might continue higher if it clears the USD 12.20 level. Conversely, there could be a downside correction from the USD 12.20 resistance zone.
XRP price recovered above the USD 0.250 and USD 0.252 resistance levels. The price is now rising towards the USD 0.255 resistance level, where the bulls might face a strong selling interest. If they succeed in clearing USD 0.255, the price could surge towards the USD 0.260 and USD 0.262 levels.
Other altcoins market today
In the past few hours, many altcoins climbed over 5%, including KSM, OCEAN, SUSHI, COMP, DOT, ANT, VLX, and CEL. Conversely, ABBC, FIL, AR, CVT, RSR, LRC, AMPL, THETA, XEM, and EGLD are down over 5%.
To sum up, bitcoin price is gaining bullish momentum above USD 13,300. If the bulls remain in action, there are chances of more upsides above the USD 13,500 resistance in the short-term.
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