Bitcoin and Ethereum Show Signs of Revival, Altcoins Gain Momentum
Bitcoin price remained well bid above the USD 35,000 level and it started a decent recovery. BTC broke the USD 38,000 and USD 40,000 resistance levels. It is currently (12:30 PM UTC) showing a few positive signs and it could continue to move higher towards USD 42,000.
Similarly, most major altcoins are recovering higher. ETH broke the USD 2,650 resistance and it could rise towards the USD 3,000 level. XRP/USD is trading above USD 1.10 and it might clear the USD 1.20 resistance level.
Total market capitalization
After a successful break above USD 35,000, bitcoin price extended its recovery. BTC cleared the USD 38,000 resistance and it even surpassed USD 41,000. If there is a proper daily close above USD 40,000, the price might start a steady increase in the coming sessions. The next key resistance is near USD 42,000, above which the price might test USD 45,000. On the downside, the USD 38,000 level is a decent support. The main breakdown support is now forming near the USD 35,000 level.
Ethereum price also followed bitcoin and it recovered above the USD 2,650 level. ETH even climbed above USD 2,720 level. An immediate resistance is near the USD 2,880 level. The main breakout resistance for a larger increase is now forming near the USD 3,000 level. On the downside, the price might find bids near USD 2,650 and USD 2,600. The next major support seems to be forming near the USD 2,550 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) recovered above the USD 340 and USD 350 resistance levels. BNB even climbed above USD 370 and it might continue higher towards the USD 400 level. If not, there could be a fresh test of the USD 350 level.Litecoin (LTC) tested the USD 150 support zone and it started a decent increase. LTC cleared the USD 180 and USD 200 levels. It is now facing resistance near USD 220, above which the bulls might aim for a test of the USD 250 level. On the downside, the key support now sits at USD 185.Dogecoin (DOGE) is up over 8% and it cleared the USD 0.380 resistance. DOGE even climbed above the USD 0.400 level and it might test the USD 0.420 resistance. Any more gains could open the doors for a move towards the USD 0.450 level.XRP price recovered above the USD 1.05 and USD 1.10 level. It is now trading above USD 1.15 and it may soon test the USD 1.20 resistance. The next major resistance is near the USD 1.250 level.
Other altcoins market today
A few altcoins recovered over 8%, including ICP, WAVES, TEL, DGB, NANO, ADA, CEL, CHSB, TFUEL, and VET. Out of these, ICP rallied over 35% and it cleared the USD 180 level.
To sum up, bitcoin cleared a few major hurdles near USD 38,000 and USD 40,000. However, BTC must settle above USD 40,000 to start a steady increase towards USD 45,000 in the near term.