Bitcoin Targets USD 50,000 Again, Ethereum, Altcoins Surge
Bitcoin price started a fresh increase after it broke the USD 48,000 resistance. BTC gained momentum and it surpassed the USD 49,400 resistance. It even traded to a new all-time high near USD 49,975 and it is currently (05:00 UTC) consolidating gains.
Besides, most major altcoins are showing signs of more gains. ETH/USD is back above USD 1,800, but it must clear USD 1,830 for more gains. XRP/USD is rising steadily and it may soon attempt a break above USD 0.600.
Total market capitalization
After a strong recovery above USD 48,000, bitcoin price gained bullish momentum. It is up over 5% and it even surged above the USD 49,000 level. BTC traded to a new all-time high at USD 49,975, but there was no test of USD 50,000. It is currently consolidating gains and it seems like the bulls could make another attempt to clear USD 50,000.
On the downside, an initial support is near the USD 49,000 level. The first major support is near the USD 48,500 level, below which the price might drop to USD 48,000.
Ethereum price was able to gain strength above the USD 1,750 level and it even cleared the USD 1,800 resistance. ETH is now facing resistance near the USD 1,830 and USD 1,840 levels. A successful close above the USD 1,840 level could open the doors for a new all-time high.
On the downside, the price might find bids near the USD 1,780 level. The main support is now forming near the USD 1,750 level, below which the price might test USD 1,710.
ADA, litecoin and XRP price
Cardano (ADA) is up over 10% and the bulls were able to clear the USD 0.850 resistance. ADA is now showing positive signs and it might continue to rise towards the USD 0.920 level. The next key resistance is near the USD 0.950 level, above which the price might rally towards the USD 1.00 level.
Litecoin (LTC) is trading above the USD 200 and USD 205 support levels. An immediate resistance is near the USD 225 level. A clear break above the USD 225 level may possibly open the doors for a push towards the USD 250 level. On the downside, the USD 200 level is a strong support.
XRP price is holding gains above the USD 0.550 support. It is now trading well above USD 0.565 and it might clear the USD 0.585 resistance. The main resistance sits at USD 0.600. A clear break above USD 0.600 could set the pace for a 10% rally in the near term.
Other altcoins market today
Many altcoins gained over 15%, including KSM, ATOM, ICX, DGB, REN, MIOTA, ZEN, MATIC, HBAR, SUSHI, DASH, NANO, BTT, STX, and ZEC. Out of these, KSM surged 40% and it cleared the USD 200 level.
Overall, bitcoin price is gaining bullish momentum and it might clear the USD 50,000 barrier. If BTC succeeds, it could rise towards the USD 52,000 level in the near term.