Bitcoin Remains Elevated, Ethereum and Altcoins Struggle
Bitcoin price corrected gains from the USD 38,500 resistance zone. However, BTC remained well bid above the USD 36,000 level. It is currently (12:07 PM UTC) trading in a positive zone and it could surge above USD 38,000.
Meanwhile, most major altcoins are struggling to gain momentum. ETH is now trading below USD 2,500 and is facing a major resistance near USD 2,550. XRP/USD is also facing an uphill task near the USD 0.90 level.
Total market capitalization
After testing the USD 36,000 zone, bitcoin price started a fresh increase. BTC climbed back above the USD 37,000 level. An initial resistance is near the USD 38,000 level. The first major resistance is near the USD 38,500 level. If the bulls gain strength for a push above USD 38,500, the price could test USD 40,000 in the near term. On the downside, the price might remain stable near the USD 36,000 level. The next major support for the bulls is near the USD 35,500 level.
Ethereum price is holding the USD 2,400 support level. An immediate resistance on the upside is near the USD 2,500 level. The main barrier for a larger increase is near the USD 2,550 level. If the price fails to clear USD 2,500 or USD 2,550, it could extend its decline. A downside break below USD 2,400 could lead the price towards the USD 2,350 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is showing positive signs above the USD 350 level. On the upside, an immediate resistance is near the USD 365 level. The main resistance for a move towards the USD 400 level is near the USD 380 level. Conversely, the bulls could remain active near the USD 350 level. The next major support is at USD 535.Litecoin (LTC) is still trading above the USD 165 support level. It seems like the bulls are aiming for an upside break above the USD 180 resistance. If they succeed, they might face a strong challenge near the USD 195 and USD 200 levels. If not, the price may possibly decline towards the USD 150 support.Dogecoin (DOGE) is stuck in a range above the USD 0.320 support level. On the upside, an immediate resistance is near the USD 0.335 level. The key resistance is near the USD 0.350 level. If there is a fresh decline, the price might remain stable near USD 0.305 and USD 0.300.XRP price is trading above the USD 0.850 support. If there are more losses below USD 0.850, the price could revisit USD 0.820. On the upside, the USD 0.880 level is a short-term resistance. The key barrier is near the USD 0.900 level.
Other altcoins market today
Many altcoins declined over 5%, including ICP, SNX, BTG, TFUEL, RUNE, KSM, XMR, FTM, ATOM, SUSHI, CRV, SOL, UNI, COMP, and ONE. Conversely, CHZ, AMP, BAKE, and ENJ are up over 10%.
To sum up, bitcoin price is trading in a positive zone above USD 37,000. If BTC settles above USD 38,000 and USD 38,500, it could move further into a bullish zone. _____