Bitcoin (BTC) rallied above USD 5,000 and traded to a new all-time high near USD 47,500. On the flipside, Ethereum (ETH) could rally further beyond USD 1,775, while XRP is surging towards the USD 0.500 level. The altcoins like BTT, LUNA, DGB, and CAKE are up above 30%.
Bitcoin rallied considerably above the USD 42,000 and USD 45,000 resistance levels. BTC even spiked above USD 47,000 and traded to a new all-time high near USD 47,500. It is currently (05:00 UTC) consolidating gains and it could extend to rise towards USD 48,500 and USD 50,000.
Likewise, most other major altcoins extended their rally. ETH/USD traded to a new all-time high near USD 1,775 and it might extend gains. XRP/USD is up over 15% and it is approaching the USD 0.500 resistance.
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Bitcoin Price
After a clear break above USD 42,000, the bitcoin surged over USD 5,000. BTC even cleared the USD 45,000 and USD 46,000 levels. It traded close to USD 47,500 before starting a consolidation phase. The price remains elevated and it seems like there are chances of more upsides above USD 48,000. The next major resistance on the upside could be near USD 50,000.
Initial support on the downside is near the USD 46,200 level. The first significant support sits at USD 45,500, below which the price might start an extended downside correction.
Meanwhile, some analysts claim that Tesla‘s purchase of USD 1.5bn in BTC may have forced cryptocurrencies onto the agenda of corporate treasurers globally.
“We see fundamental reasons for corporate crypto treasury exposure and expect others to follow suit. We don’t think this happens overnight, but we do think there’s much more room for corporate treasury penetration and expect the trend to continue,” wrote strategists at Fundstrat Global Advisors, as announced by Bloomberg.
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