Bitcoin price followed a bullish course above the USD 57,000 resistance. BTC even broke the USD 58,000 resistance and was trading near USD 58,500. Currently (04:30 UTC) gains are being corrected with key supports near USD 57,000 and USD 56,500.
Similarly, most of the major altcoins gained bullish momentum. ETH broke the USD 1,800 resistance but failed to break through the USD 1,850 barrier. XRP / USD has accelerated and could retest USD 0.600.
Total market capitalization
Source: www.tradingview.com
Bitcoin price
After a successful close above the USD 57,000 level, Bitcoin price extended its upward trend. BTC even pumped above the USD 58,000 resistance. However, there was no test for the $ 58,500 resistance zone. The price was trading near USD 58,400 before a downward correction began.
It is now trading well below USD 58,000 with an immediate support at USD 57,000. The next major support is near the $ 56,500 level. On the positive side, the USD 58,000 and USD 58,500 represent major hurdles for further upward movement in the short term.
Ethereum price
The Ethereum price also followed Bitcoin, clearing the USD 1,800 resistance zone. ETH was trading close to the USD 1,850 resistance before correcting down. It is trading below the USD 1,820 level with an initial support at USD 1,780.
The first major support is now forming near the USD 1,750 level. On the upside, the USD 1,820 and USD 1,825 are immediate hurdles. Key resistance is now forming near the USD 1,850 level.
BNB, ADA, Litecoin and XRP prices
The Binance Coin (BNB) was above the USD 270 level and even above the USD 275 zone. It appears the BNB may struggle to gain momentum above the USD 278 and USD 280 resistance levels. If the bulls succeed, the price could move towards the $ 300 level. On the downside, the USD 265 level is a decent base of support.
Cardano (ADA) failed to gain momentum above the USD 1.220 pivot level. ADA is now consolidating earnings close to USD 1,200. On the flip side, there is crucial breakdown support near the $ 1.150 level below which the bulls could lose control in the short term.
Litecoin (LTC) failed to hit the USD 195 and USD 200 resistance levels again. LTC is consolidating near the USD 190 and could correct towards the USD 182 and USD 180 levels. Conversely, a closing price above the USD 200 limit is a must for a sustained upward movement in the coming days.
XRP price accelerated on M&A news above the USD 0.550 support and the bulls could be targeting an uptrend above the USD 0.600 resistance. If there is a downside break below USD 0.550, the price can potentially fall towards the USD 0.500 support.
Other altcoin market today
Many altcoins gained over 10%, including HOT, DENT, CELO, ICX, OMG, COMP, ALGO, KLAY, HT, RUNE, FTM and MATIC. Of these, HOT is up 38% to hit the $ 0.014 level.
Overall, Bitcoin price is showing positive signs above USD 57,000 and USD 56,500. BTC could correct gains in the short term, but there is a possibility of a move towards USD 58,800 or even USD 59,500.
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