Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 12/24P: Bitcoin and Alts gathering strength

Bitcoin recovered above USD 23,000. Ethereum is consolidating above USD 570, XRP is now stable above USD 0.250. XLM surged above USD 0.150.


Bitcoin recovered and traded above the USD 23,000 level. It is currently (13:00 UTC) trading in a range, and it could start a substantial increase if there is a close above USD 23,500.

The most significant altcoins are consolidating losses, including ethereum, XRP, EOS, LINK, BNB, XRP, TRX, bitcoin cash, and litecoin and ADA. ETH/USD is stuck below the USD 585 and USD 592 resistance levels. XRP/USD recovered slightly, and it is now consolidating above USD 0.250.

Total market capitalization

Source: www.tradingview.com

Bitcoin Price

After a short-term decline, bitcoin found support near the USD 22,700 zone. BTC started a new upward move, and it climbed back above USD 23,000. BTC is still struggling to gain momentum above the USD 23,200 resistance level. To create a substantial increase, the bulls need to gain strength above the USD 23,500 resistance level.

On the downside, there is critical support forming near the USD 22,700 level. The next support is near the USD 22,500 level, below which it could revisit the USD 22,000 support.

Ethereum Price

Ethereum (ETH) is holding ground above the USD 570 and USD 565 levels. ETH is facing hurdles, starting with USD 585. The first significant resistance is near USD 592. The primary resistance is now forming near the USD 600 level, above which Ether could start a steady increase.

If ETH remains below the USD 595 and USD 600 resistance levels, there is a risk of a drop below the USD 565 support. The next significant support is near the USD 550 level.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) started a recovery wave above the USD 280 level. BCH is approaching the USD 285 and USD 288 resistance levels. The critical breakout zone is now forming near the USD 300 level. A close above USD 300 is a must for a sustained upward move. Conversely, BCH might break the USD 270 support and continue lower.

Litecoin (LTC) failed to gain strength above the USD 108.00 and USD 110.00 resistance levels. LTC is down 6%, and it is approaching the USD 100.00 support. If there are more losses, the bears might test the USD 92.40 support level in the near term. The next significant support is near the USD 88.50 level.

Ripple (XRP) started a recovery wave and climbed above the USD 0.250 level. XRP is now consolidating above the USD 0.250 level. On the upside, the first significant resistance is near the USD 0.288 level. The primary resistance is now near USD 0.300, above which the bulls might aim for a more substantial recovery wave.

Other Alts Market Today

Many altcoins declined over 5% in the past few hours, including XEM, LINK, ALGO, FIL, SNX, AMPL, BAND, ONT, SUSHI, NEO, REN, and QTUM. Conversely, XLM outperformed with a strong upward move above the USD 0.150 resistance.

To sum it up, Bitcoin is showing a few positive signs above USD 23,000 and USD 22,700. BTC continues to struggle near USD 23,500 and USD 24,000, above which it could rally further in the coming sessions.

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