Bitcoin Struggles at USD 50K, Ethereum and Altcoins Gain Momentum
Bitcoin price remained stable above USD 48,000 and it even settled above USD 50,000. BTC is now facing hurdles near USD 51,500 and USD 52,000. It is currently (12:30 UTC) trading above USD 50,000 and the bulls could possibly attempt a break above USD 52,000.
Besides, most major altcoins are gaining bullish momentum. ETH broke the USD 1,665 resistance and it even spiked above USD 1,700. XRP/USD is facing a strong selling interest near the USD 0.500 barrier.
Total market capitalization
There was a positive price action in bitcoin price above the USD 48,000 pivot level. BTC climbed above USD 50,000, but it is facing resistance near the USD 51,500 and USD 52,000 resistance levels. A close above USD 52,000 could open the doors for a steady increase towards the USD 55,000 level.
On the downside, an initial support is near USD 50,000. If the price fails to stay above USD 50,000, it might slide towards the USD 48,000 support zone.
Ethereum price remained strong above the USD 1,600 level. ETH cleared the USD 1,650 and USD 1,665 resistance levels. The price is attempting a close above USD 1,700. If the bulls succeed, the price might accelerate higher towards the USD 1,750 and USD 1,780 levels.
If the bulls struggle above USD 1,700, the price might start a fresh correction. There is now a major support forming near the USD 1,600 level. The next major support is near the USD 1,550 level.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) surged over 30% and it is gaining momentum above the USD 250 level. BNB is now testing the USD 275 level and it seems like it could even test USD 285. The next major hurdle is near the USD 300 level. On the downside, the price might remain well above the USD 250 level.
Litecoin (LTC) is up 10% and it cleared the USD 185 resistance. LTC is now approaching the USD 195 and USD 200 resistance levels. If the price fails to clear USD 195 or USD 200, there is a risk of a correction towards the USD 172 and USD 170 support levels. Conversely, the price could rise sharply towards the USD 220 level.
XRP price is approaching the USD 0.500 level. If there is a close above USD 0.500, the price could rise steadily towards the USD 0.512 and USD 0.520 levels. On the downside, the price might find bids near the USD 0.480 level. The next major support is near the USD 0.465 level.
Other altcoins market today
Many altcoins gained over 20%, including FTM, STX, RUNE, MATIC, CAKE, IOST, GRT, ICX, COMP, XVS, VGX, WAVES, HBAR, CELO, ZIL, UNI, NANO, MKR, AAVE, THETA, REN, and RVN. Out of these, FTM surged over 50% and it cleared the USD 0.550 resistance.
To sum up, bitcoin price is showing positive signs above the USD 50,000 level. If BTC clears USD 52,000, there could be a strong increase towards USD 55,000.