Bitcoin Breaks USD 54K, Ethereum and Altcoins Start Fresh Surge
Bitcoin price started a steady increase after it settled above the main USD 50,000 resistance. BTC even broke the USD 52,000 resistance and gained over 5%. It is currently (05:00 UTC) showing positive signs, possibly moving towards USD 55,000 and USD 55,800.
Similarly, most major altcoins started a fresh surge. ETH rallied above the USD 1,800 resistance and tested the USD 1,850 zone. XRP/USD is showing positive signs and it seems like the bulls are aiming for a strong rally above USD 0.500.
“Bitcoin and ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda, wrote in an email, as reported by Bloomberg. “Institutional interest still seems strong.”
Total market capitalization
After a close above USD 50,000, bitcoin price gained bullish momentum and cleared the key USD 52,000 resistance zone. It opened the doors for a steady increase, and the price even surpassed USD 53,500 and USD 54,000. The current price action suggests chances of more upsides above the USD 54,200 and USD 54,500 levels.
If there is a downside correction, the USD 53,000 level is a decent support. The main support is now forming near the USD 52,000 level (the previous resistance).
Ethereum price outperformed and rallied above the USD 1,750 resistance. ETH even surged above USD 1,800 and traded close to USD 1,860. The price is now consolidating gains, with an immediate support at USD 1,820. The next key support is forming near the USD 1,780 level.
On the upside, a clear break above the recent high and USD 1,875 may possibly set the pace for a move towards the USD 1,950 and USD 1,980 levels.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is back above the USD 235 resistance zone. BNB is showing positive signs, but it must clear the USD 250 resistance for upside continuation. If it fails again, there could be a fresh decline towards the USD 232 and USD 225 support levels.
Cardano (ADA) is consolidating above the USD 1.100 and USD 1.1200 levels. If ADA settles above USD 1.155, there are chances of a break above USD 1.2000. The next major resistance sits at USD 1.250. On the downside, the USD 1.050 level is a strong support.
Litecoin (LTC) is testing the main USD 200 resistance zone. If LTC settles above USD 200, it could climb towards the USD 220 resistance. Any more upsides might call for a test of the USD 235 level. Conversely, dips towards USD 185 might find a decent buying interest.
XRP price is up around 3% and it is trading above the USD 0.482 resistance. It seems like the bulls are setting up for a massive upside break above the main USD 0.500 resistance level in the near term.
Other altcoins market today
Many altcoins gained over 10%, including CHZ, HBAR, LUNA, MANA, TFUEL, QNT, CHSB, THETA, NANO, VET, 1INCH, CEL, UMA, NEAR, CRV, FTT, and LINK. Out of these, CHZ rallied around 70% and it cleared the USD 0.230 level.
Overall, bitcoin price is gaining bullish momentum above USD 52,000 and USD 53,000. There could be a pullback in BTC, but the bulls might remain active near USD 52,000.