Bitcoin, Ethereum and Altcoins Showing Positive Signs
Bitcoin price is seemingly regaining strength and it is back above the USD 58,000 resistance. BTC even cleared USD 58,500 and it is currently (12:30 PM UTC) gaining momentum. If it clears USD 59,200, there could be a fresh attempt to clear the USD 60,000 resistance.
Similarly, most major altcoins are gaining momentum for a fresh rally. ETH recovered above USD 1,800 and it might retest USD 1,850. XRP/USD spiked towards USD 0.492, but there was no test of USD 0.500. Besides, ADA found support near USD 1.200 and it is climbing towards USD 1.335.
Total market capitalization
After forming a support base above USD 57,200, bitcoin price started a fresh increase. BTC climbed above USD 58,000 and USD 58,500. It is now showing positive signs, but there is a crucial hurdle waiting near USD 60,000. A clear break above USD 60,000 might clear the path for a push towards the USD 61,200 and USD 62,000 levels.
If not, the price might start a fresh decline and test the USD 58,000 support. The key support is now forming near the USD 57,000 level.
Ethereum price remained stable above USD 1,750 and it started a fresh increase. ETH is back above USD 1,800 and the price is now gaining momentum. However, the bulls need to overcome the USD 1,850 hurdle for upside continuation.
If there is another failure, the price could form a double top and dive below the USD 1,750 support level. The main support is still near the USD 1,710 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is trading above USD 265 and it is showing positive signs. BNB must clear USD 272 and USD 275 for upside continuation. In the stated case, there are chances of a push above USD 288. The next key resistance for the bulls awaits near USD 300.
Cardano (ADA) is regaining strength and it is rising towards the USD 1.300 level. The first major resistance is near USD 1.320 and USD 1.335 levels. A break above USD 1.335 could set the pace for a fresh move towards the USD 1.400 and USD 1.420 levels.
Litecoin (LTC) seems to be preparing for a move above the USD 210 and USD 212 resistance levels. If the bulls succeed, LTC might rise towards the USD 225 level. If not, the price might decline below USD 200 and USD 195 support levels to test USD 172.
XRP price is stuck in a major range above the USD 0.450 support and the USD 0.500 resistance. A clear break on either side could spark 10%-15% move. On the upside, a break above USD 0.500 might call for a test of USD 0.550 or even USD 0.620.
Other altcoins market today
Several altcoins gained over 10%, including NPXS, ONE, HNT, LUNA, SC, THETA, KSM, AVAX, BTT, CRO, HOT, CHZ, and BSV. Out of these, NPXS is correcting gains after a massive 50% rally.
To sum up, bitcoin price is signaling a possible increase to USD 60,000. If BTC clears this level, it could start to move higher, towards USD 62,000.