Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update: Bitcoin bulls trying to aim higher

Bitcoin (BTC) is showing bullish signs above USD 23,500. On the flip side, Ethereum (ETH) is consolidating above USD 630, XRP is struggling to settle above USD 0.600. BTC rallied over 15%.

Bitcoin is trading in a positive zone above the USD 23,000 support zone. BTC is currently (05:00 UTC) trading above USD 23,800 and it seems like it could surge past USD 24,200. If there is a downside correction, the USD 23,000 support could play a crucial role. 

Additionally, the other significant Alts are hinting on positive signs, including ETH, XRP, EOS, XLM, LINK, BNB, TRX, BCH, LTC, and ADA. ETH/USD checked the USD 620 support zone and it is now showing signs of a fresh increase. XRP/USD is trading below the main USD 0.600 resistance zone. BCH/USD outperformed and it is currently trading above USD 350.

Total Market Capitalization

Bitcoin Price

In the past few sessions, Bitcoin remained well bid above the USD 23,000 support zone. BTC is trading above the USD 23,500 level and it could continue to rise in the near term. The main hurdle is near the USD 24,000 and USD 24,200 levels. A close above the USD 24,200 level could set the pace for a push towards the USD 25,000 resistance. 

On the downside, initial support is near the USD 23,500 level. The main weekly support is now forming near USD 23,000, below which BTC might correct towards USD 22,200.

Ethereum price

Ethereum (ETH) struggled to clear the USD 660 level and corrected lower. There was a dip below the USD 640 level, but ETH found strong support above the USD 620 level. It is currently trading above USD 640, with many hurdles near USD 655 and USD 660. The main weekly resistance sits at USD 675. If there is a fresh decline, the bulls might remain active near USD 630. The main weekly support seems to be set near the USD 620 level.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) outperformed bitcoin and ether. BCH rallied over 15% and it broke many hurdles near USD 330 and USD 350. It is now consolidating near the USD 365 and there could be a short-term downside correction. On the downside, the USD 350 level might act as a decent support. Litecoin (LTC) settled above the USD 100.00 and USD 110.00 levels. LTC is now facing hurdles near the USD 120.00 level.

A close above USD 120.00 might start a fresh increase towards the USD 132.00 and USD 135.00 levels. On the downside, the main support zone is forming near the USD 100.00 level. Ripple (XRP) declined after it failed to clear the USD 0.600 resistance level. It is currently consolidating losses near the USD 0.550 support level, with key support near the USD 0.540 level. Any more losses may call for a test of the USD 0.520 support. On the upside, the USD 0.588 and USD 0.600 levels are important barriers for the bulls.

Other Altcoins Market Today

In the past few hours, a few altcoins gained over 5%, including BSV, BNB, CHSB, EOS, THETA, MAID, ZIL, ZEC, and ICX. Out of these, BSV is trading above the USD 180 level.

In summary, Bitcoin is trading in a bullish zone above USD 23,500 and USD 23,000. There could be a short-term downside correction, but BTC might continue higher towards USD 24,200 and USD 25,000 in the coming days.

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