Ethereum Consolidates, XRP Rallies, While MicroStrategy Buys More Bitcoin
Bitcoin price climbed above the USD 45,500 resistance level. BTC is currently (12:00 PM UTC) showing positive signs and it might move above USD 46,000. If there is a clear break above USD 46,500, the bulls could take control in the near term.
Similarly, most major altcoins are showing recovery signs. ETH is gaining pace and it could possibly rally above USD 3,600. XRP/USD is surging and it cleared many important hurdles near USD 1.60 and USD 1.65.
Total market capitalization
After settling above USD 44,000, bitcoin price extended its rise above USD 45,000. BTC even cleared the USD 45,500 level and it is now showing positive signs. An immediate resistance is near USD 46,000. The key breakout zone is near USD 46,500, above which the price might accelerate higher towards the USD 48,000 level. On the downside, an initial support is near the USD 44,500 level. The first key support is now forming near the USD 44,000 zone.
Meanwhile, after spending USD 15m on BTC last week, MicroStrategy said it now has purchased BTC 229 for USD 10m in cash at an average price of USD 43,663 per BTC. As of today, the company said it holds around BTC 92,079 acquired for USD 2.251bn at an average price of USD 24,450 per BTC. This stash is now worth USD 4.14bn.
Ethereum price gained momentum above the USD 3,500 resistance zone. ETH even surpassed USD 3,550 and it is showing a few positive signs. If the bulls remain in action, there are chances of a steady increase towards the USD 3,650 level. If there is a fresh decline, an initial support is near the USD 3,500 level. The first key support is near the USD 3,450 level, below which the price could test USD 3,380.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is trading well above the USD 500 level. BNB cleared the USD 525 resistance and it might continue higher. The first major hurdle for the bulls is near the USD 550 level. A successful break above the USD 550 level could pump the price in the near term.Litecoin (LTC) is settled above the USD 300 level. LTC is slowly gaining momentum and approaching the USD 320 level. The next key barrier is near the USD 320 level. Any more gains could lead the price toward the USD 350 level in the coming sessions.Dogecoin (DOGE) is still trading in a range near the USD 0.500 level. A clear break above the USD 0.525 level is a must for a steady increase. The next key resistance sits at USD 0.550, above which the price might surge towards the USD 0.600 level.XRP price outperformed bitcoin and ethereum, with a strong move above the USD 1.60 resistance zone. The price gained pace above the USD 1.65 level and it tested USD 1.70. In the short-term, there could be a downside correction, but USD 1.60 might hold losses.
Other altcoins market today
A few altcoins climbed over 8%, including MATIC, AAVE, SNX, TEL, SUSHI, SOL, HNT, ONE, MKR, CHSB, and CRV. Out of these, MATIC settled above USD 2 and it might consolidate gains in the near term.
To sum up, bitcoin price is showing a few positive signs above USD 44,500. However, the bulls need to push BTC above USD 46,500 for a steady increase. _____