Bitcoin Surges Past USD 50K, Ethereum, Altcoins Eye Additional Gains
Bitcoin price gained bullish momentum above USD 49,000 and USD 49,500. Finally, BTC broke the USD 50,000 resistance and traded to a new all-time above USD 50,300. The bulls are currently (13:00 UTC) in control and there are chances of more upsides towards USD 51,500.
Similarly, most major altcoins are gaining momentum. ETH/USD is trading above USD 1,800 and it could make another attempt to clear the USD 1,840 resistance. XRP/USD tested the USD 0.585 resistance level before correcting lower.
Total market capitalization
After a short-term downside correction, bitcoin price climbed back above USD 49,000. BTC gained strength above USD 49,500 and it cleared the USD 50,000 resistance level. A new all-time high is formed above USD 50,300 and the price is currently consolidating gains. If the bulls remain in control, the price might rise towards USD 51,500 and USD 52,000.
The first major support is near the USD 49,500 level. The main support is near the USD 49,000 level, where the bulls could take a stand.
Ethereum price failed to clear the USD 1,830 and USD 1,840 resistance levels. ETH is currently holding gains above USD 1,800 and USD 1,780. On the upside, the price must clear the USD 1,840 resistance to start a strong increase. The next major resistance sits at USD 1,880.
If there is a fresh decline, the USD 1,780 level might hold losses. The next major support for the current bullish wave is USD 1,750. Any more losses may possibly clear the path for a push towards USD 1,710.
ADA, litecoin and XRP price
Cardano (ADA) is holding gains above the USD 0.872 and USD 0.865 support levels. ADA is facing hurdles near the USD 0.920 level. The main resistance is near the USD 0.950 level. A clear break above the USD 0.950 level might pump the price above the USD 1.00 resistance level in the near term.
Litecoin (LTC) is up 5% and it is showing positive signs above the USD 210 level. An immediate hurdle is near the USD 225 level. A close above the USD 225 level might open the doors for a push towards the USD 250 level. On the downside, the price might remain well bid above the USD 200 handle.
XRP price failed to clear the USD 0.585 resistance level and it started a downside correction. The price traded below the USD 0.572 and USD 0.565 support levels. It is currently struggling to stay above USD 0.550, but it might start a fresh upward move.
Other altcoins market today
Many altcoins climbed over 10%, including ATOM, KSM, ZEN, ICX, MIOTA, DOT, FTM, REN, HBAR, BTT, ENJ, DGB, and EGLD. Out of these, ATOM surged more than 20% and it cleared the USD 25 level.
To sum up, bitcoin price cleared the main USD 50,000 resistance level. If BTC settles above USD 50,000, there could be a steady rise in the coming sessions.