Bitcoin price remained well bid above the USD 43,000 support zone. As a result, BTC started a fresh increase above the USD 44,500 and USD 45,000 resistance levels. It is currently (12:14 UTC) showing positive signs and there are chances of more upsides above USD 46,500.
Similarly, most major altcoins are rising once again. ETH is back above USD 3,000 and it could gain pace above USD 3,150. XRP is aiming for an upward move above the USD 0.820 level.
Total market capitalization
After a short-term downside correction, bitcoin price started a fresh increase above USD 44,000. BTC even surpassed the USD 45,000 resistance and it traded to a new weekly high close to USD 46,000. It seems like the bulls are aiming for more gains above the USD 46,000 level. The next key resistance is near USD 46,500, above which the price might surge towards USD 48,000.
On the downside, an initial support is near the USD 44,500 level. The first major support is near the USD 44,000 level, below which the price might revisit USD 43,000.
“When the bitcoin price goes up 50% in 19 days or 20% in 6 days, as it’s recently been the case, what’s crucial is to identify if the uptick is leverage or spot-driven. That is, if price development is driven by shorter-term speculators or longer-term investors. Currently, large outflows of bitcoin from exchanges and declining liquidity point to the latter,” Ulrik K.Lykke, Executive Director at crypto/digital assets hedge fund ARK36, said in an emailed comment, adding that BTC still needs to be above USD 50,000 to be out of the woods and there may be more volatility ahead.
According to him, it seems as Bitcoin is paving its way into the public domain on many other fronts such as “increased adoption, technology improvements, and similar, which are all enhancing the positive public perception.”
“The similarity to the 2017 bull market is almost uncanny. With the current trend, I expect bitcoin to hit [USD 65,000] soon,” Ruud Feltkamp, CEO of automated trading bot Cryptohopper, added.
Ethereum price found support near the USD 2,900 level. ETH started a fresh increase and it climbed back above USD 3,000. The price is now gaining pace and it could extend gains above USD 3,150. If it clears USD 3,200, the next stop for the bulls could be near the USD 3,350 level.
An initial support is near the USD 3,040 level. The next major support is near the USD 3,000 level, below which the price might revisit the USD 2,900 region.
Joshua Scigala, Co-Founder of TheStandard.io, a DeFi infrastructure project, estimates that after its upgrade last week, ETH might be leading the price of bitcoin.
“Normally bitcoin is the tide that lifts all altcoin boats but after this upgrade, we might be witnessing a moment where ethereum becomes the tide lifting bitcoin and the rest,” he said.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is rising above USD 1.42. If there is a clear break above USD 1.50, the price could surge further. The next major resistance is seen near the USD 1.58 level. On the downside, the price might remain stable near USD 1.42 and USD 1.40.
Litecoin (LTC) is back above USD 150 and it might accelerate above USD 155. The next key resistance is near USD 165. Any more gains could set the pace for a larger increase towards the USD 180 level.
Dogecoin (DOGE) is stable above the USD 0.250 level. On the upside, the bulls may possibly test the USD 0.300 resistance. Any further upsides might open the doors for a move towards the USD 0.335 level.
XRP price found support at USD 0.760. There was a fresh increase and the price climbed above the USD 0.80 level. If there is a break above USD 0.830, the price might accelerate towards the USD 0.865 level.
Other altcoins market today
Many altcoins gained over 5%, including XDC, ICP, EGLD, CHZ, HNT, DCR, RVN, QNT, VGX, ENJ, HT, RUNE, QTUM, and FTT. Out of these, ICP is gaining pace above the USD 65 level.
To sum up, bitcoin price is gaining bullish momentum above USD 44,500. If BTC settles above USD 45,000, there could be a steady rise towards the USD 48,000 level.
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(Updated at 14:49 UTC with new comments.)