01 Dec 2020 · 2 min read

Bitcoin Targets USD 20,000, Altcoins Show Strength

Bitcoin price gained bullish momentum and traded to a new yearly high above USD 19,800. Ethereum settled above USD 600, XRP is facing hurdles near USD 0.655. Litecoin rallied 10% and surpassed the USD 88.00 resistance.

In the past three sessions, there was a steady rise in bitcoin price above the USD 19,000 resistance. BTC surpassed the last swing high near USD 19,500 and traded to a new yearly high above USD 19,800. The price is currently (05:00 UTC) consolidating gains and it could attempt a move towards USD 20,000 in the near term.

Moreover, there were positive moves in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD settled above the USD 600 pivot level and even traded close to USD 620 before correcting lower. XRP/USD is trading well above USD 0.620, but it is facing hurdles near USD 0.655 and USD 0.662.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a successful close above USD 19,000, bitcoin price extended its rise above the USD 19,200 resistance. BTC managed to gain strength above the USD 19,500 resistance and it even spiked above USD 19,800. There was no test of the USD 20,000 resistance and the price is currently correcting gains.
An initial support on the downside is near the USD 19,200 level. The first major support is near the USD 19,000 pivot level, below which the price could test the key USD 18,800 support zone.

Ethereum price

Ethereum price followed bitcoin and traded above the USD 600 resistance. ETH even traded above USD 615, but it failed to clear the recent yearly high of USD 623. The price is currently correcting gains and it could test the USD 602 and USD 600 levels.
On the upside, the USD 615 and USD 620 levels are key barriers. A clear break above the USD 620 level might call for a new 2020 high above the USD 625 level in the near term.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price surged 7% and it broke the main USD 300 resistance. BCH is trading above the USD 310 level, with an immediate resistance at USD 318 and USD 320. Any further gains could lead the price towards the USD 335 level. On the downside, the previous resistance at USD 300 may possibly act as a support.
Litecoin (LTC) is up over 10% and it broke many hurdles near USD 86.50 and USD 88.00. LTC even spiked above USD 90.00. The next key resistance is near USD 92.00, above which the price might rise towards the USD 98.00 and USD 100.00 levels. On the downside, the USD 86.50 level could provide support.
XRP price gained bullish momentum above USD 0.640 and it even spiked above the USD 0.655 resistance. The price is showing positive signs, but a close above USD 0.655 and USD 0.662 is a must for a move towards the USD 0.688 and USD 0.700 levels in the coming sessions. On the downside, the USD 0.620 level is a strong support.

Other altcoins market today

In the past few hours, many altcoins climbed over 5%, including BTT, MANA, NEXO, SUSHI, ZEN, TRX, LUNA, HOT, XEM, and ANT. Out of these, BTT rallied almost 20% and MANA gained 10%.

Overall, bitcoin price is showing positive signs above USD 19,000 and USD 19,200. Having said that, it won’t be easy for BTC to clear the USD 19,800 and USD 20,000 resistance levels in the short-term.

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