Bitcoin Surges Above USD 12,200, Altcoins Show Positive Signs
Bitcoin price gained bullish momentum above the USD 11,800 and USD 12,000 resistance levels. Ethereum is recovering higher towards the USD 380 resistance, XRP could revisit the USD 0.250 zone. OKB rallied over 10%, and NANO broke the USD 0.90 resistance
Bitcoin price remained in a positive zone and it settled above the USD 11,800 resistance level. BTC gained bullish momentum and surged above the USD 12,000 resistance. There was also a break above the USD 12,200 level and the price is currently (05:00 UTC) consolidating gains.
Besides, most major altcoins are showing early signs of a fresh increase, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD started a decent recovery above USD 375 and it is approaching the USD 380 resistance. XRP/USD surpassed USD 0.245 and it might continue to rise towards the USD 0.250 resistance.
Total market capitalization
In the past two sessions, bitcoin price followed a bullish path above the USD 11,800 resistance. More importantly, BTC broke a major barrier near the USD 12,000 level to move further into a positive zone. There was also a spike above the USD 12,200 level. The price is currently consolidating gains, with many supports on the downside such as USD 12,075 and USD 12,000.
On the upside, the USD 12,250 level presents a short-term hurdle. The next major stop for the bulls could be near the USD 12,500 level.
Ethereum price found support above USD 370 and recovered above the USD 375 resistance. ETH is now trading above USD 378 and it might attempt an upside break above the USD 380 level. The next major resistance is near the USD 385 level.
On the downside, the USD 375 level might act as a short-term support, below which there are chances of a push towards the key USD 370 support zone.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price remained well bid above the USD 240 level and recently started a fresh increase. BCH surpassed the USD 248 and USD 250 levels. It seems like the price might continue higher towards the USD 260 resistance in the coming sessions. Conversely, a failure to clear USD 252 might call for a fresh drop to USD 240.
Chainlink (LINK) extended its decline below the USD 10.20 support level. It even spiked below the USD 10.00 support (as discussed yesterday) before starting an upside correction. The price is back above USD 10.20, but it might continue to face a strong selling interest near the USD 10.50 level.
XRP price remained stable above the USD 0.240 support and recently started a fresh increase above the USD 0.245 resistance. The price is now showing positive signs and it might recover towards the USD 0.248 and USD 0.250 resistance levels. If there is no upside continuation, the bears could aim for a retest of the USD 0.240 level in the near term.
Other altcoins market today
In the past few hours, a few altcoins climbed over 5%, including OKB, NANO, LEND, WBTC, and ZB. Conversely, RSR, NXM, ZEC, AR, REN, ANT, NEAR, and SC are down more than 8%.
Overall, bitcoin price is surging above the main USD 12,000 resistance. The current price action is positive and it seems like BTC might continue to rise towards the USD 12,400 and USD 12,500 levels in the near term.