Altcoins, Bitcoin, Cryptocurrency, News & Updates

Crypto Market Update 02/05: Bitcoin and Ether Getting Ready, Alts Rallying Up

Bitcoin (BTC) is consolidating beyond the USD 36,500 support zone. On the flip side, Ethereum (ETH) is stable beyond USD 1,600, XRP rallied above USD 0.420. While the Alts like ZRX surged 60%, REN and LUNA are up above 30%.

Bitcoin (BTC) commenced a short-term downside correction below USD 37,000. BTC even spiked below the USD 36,500 support, but dips were limited. It is currently (05:00 UTC) trading above USD 37,000, with a couple of important hurdles near USD 38,000.

Likewise, Ether is trading above the USD 1,600 support level and it is facing resistance near USD 1,650. Additionally, there were bullish moves in most other major altcoins. XRP/USD broke the USD 0.400 resistance and it is now up over 15%.

Total Market Capitalization


Bitcoin Price

After a short-term downside correction, Bitcoin (BTC) gained support above USD 36,200. BTC recovered losses and climbed back above USD 37,000. On the upside, an initial resistance is near the USD 37,800 level. The first major resistance is near the USD 38,000 level, above which the price might accelerate higher.

Primary support is near the USD 37,000 level. The first significant support sits at USD 36,500, below which the price might test the USD 36,000 support.

Ethereum Price

Ethereum (ETH) spiked under the USD 1,600 level on a couple of occasions before recovering higher. ETH is trading above USD 1,620, with initial resistance at USD 1,650. A clear break above USD 1,650, with a follow-up move above USD 1,660 might open the doors for a steady rise towards USD 1,700 or even higher.

If there is another decline, the USD 1,600 could provide support. A daily close below USD 1,600 may perhaps spark a downside correction towards USD 1,500 or even US 1,450.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is stable beyond the USD 425 support level. Yet, BCH is struggling to gain momentum above USD 440 and USD 450. A daily close above the USD 450 level may possibly start a strong increase towards the USD 500 barrier. Conversely, a break below USD 425 might push the price towards the USD 400 support.

Litecoin (LTC) struggled to stay above USD 150 and it is currently moving lower. Initial support is near the USD 145 level. The first major support is near the USD 142 level, below which LTC might slide towards USD 135. On the upside, the bulls need to gain strength above USD 150 and USD 152 for a sustained increase.

Ripple (XRP) price is up over 15%, and it outperformed Bitcoin and Ethereum. The price is now trading well above USD 0.440 and it is facing resistance near USD 0.450. If there are more gains, the price could rise steadily towards the USD 0.500 level in the near term.

Other Altcoins Market Update

Many altcoins climbed beyond 10%, including ZRX, REN, LUNA, MKR, NEXO, SNX, OCEAN, COMP, KNC, AAVE, ALPHA, DOGE, SOL, CRV, CAKE, 1INCH, and EGLD. Out of these, ZRX gained nearly 60% and it cleared the USD 1.20 level.

In general, Bitcoin is exhibiting positive signs over USD 36,500 and USD 36,200. If BTC breaches the USD 37,500 and USD 38,000 resistance levels, there could be a strong increase to USD 40,000.

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