Bitcoin and Ethereum Gain Traction, Altcoins Surge
Bitcoin price started a strong recovery wave from USD 31,150. BTC broke the USD 35,500 and USD 36,500 resistance levels. It is currently (12:20 PM UTC) showing positive signs, but it must clear USD 38,000 for a sustained upward move in the near term.
Besides, most major altcoins are gaining bullish momentum. ETH recovered above the USD 2,000 and USD 2,250 resistance levels. XRP/USD is gaining momentum and it might attempt a break above the USD 0.900 level.
Total market capitalization
After setting a new monthly low, bitcoin price started recovering above USD 35,000. BTC jumped above the USD 36,500 level and it even surpassed USD 37,000. If it settles above USD 38,000, there is a chance of a break above the USD 40,000 resistance level in the near term. On the downside, the USD 36,500 level is an initial support. The first key support is now near the USD 35,000 level, below which the price might restart its decline.
Ethereum price recovered over 15% and it gained pace above the USD 2,200 level. ETH even surpassed USD 2,300 and it might test the USD 2,450 resistance level. The next major resistance is near USD 2,580, above which the price might rise towards the USD 2,800 level. If the price fails above USD 2,500, it could start a fresh increase. The first key support is near USD 2,200 level, below which the price might revisit USD 2,000.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) gained over 20% and it broke the USD 285 resistance. BNB even cleared the USD 300 level and it is showing positive signs. To continue higher, the price must clear the USD 320 and USD 325 resistance levels.Litecoin (LTC) reclaimed the USD 150 pivot level. LTC even broke the USD 160 level and it is now eyeing an upside break above USD 175. The next key resistance is near USD 180, above which the bulls could aim for a test of the USD 200 level. On the downside, the bulls might remain active near USD 150.Dogecoin (DOGE) is back above the USD 0.300 and USD 0.312 levels. The bulls even pushed the price above the USD 0.330 level, but the main hurdle is still active near the USD 0.350 level. Any more gains could open the doors for a move towards the USD 0.400 level.XRP price started a strong increase from the USD 0.650 support. It broke the USD 0.70 and USD 0.80 resistance levels. The bulls are now aiming for a break above the USD 0.90 level and a test of the key USD 1.0 resistance.
Other altcoins market today
Many altcoins climbed over 20%, including MATIC, MKR, FTM, ONE, RUNE, HNT, BAKE, CAKE, ATOM, XLM, REV, TEL, VET, LUNA, LINK, YFI, and OMG. Out of these, MATIC surged over 55% and it broke the USD 1.40 level.
To sum up, bitcoin price is showing positive signs above USD 36,500. If BTC settles above USD 38,000, it could increase the chances of a push above USD 40,000. _____