Bitcoin began improving from USD 16,250, but it is meeting barriers near USD 17,500 while Ethereum is consolidating above USD 500, XRP is holding the USD 0.520 support zone. And some of the Alts – SUSHI, AAVE, YFI, and SNX are up over 10%.
Bitcoin continued its decline under the USD 17,500 and USD 17,000 levels. BTC even traded under USD 16,500 before the bulls got firm near USD 16,250. BTC is currently (05:00 UTC) trading over USD 17,000, but it’s experiencing many obstacles near USD 17,350 and USD 17,500.
Furthermore, there was a modest recovery in most significant altcoins, including Ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD is back above USD 500, but it must surpass USD 530 to remain higher. XRP/USD is trading around USD 0.545 and sustaining a firm resistance near USD 0.565.
Total market capitalization
Source: www.tradingview.com
Bitcoin Price
After a visible decline, BTC found support near USD 16,250. BTC started a recovery swing and rose over USD 17,000. BTC even rose over USD 17,200, but it appears to be experiencing a couple of crucial hurdles near USD 17,350 and USD 17,500. A clear break above the USD 17,500 level is required for upside continuation. Initial support on the downside is near the USD 17,000 level. The first significant support is near the USD 16,800 level, below which it could revisit USD 16,500.
Ethereum Price
Ethereum also followed a similar pattern with BTC and began recovering losses from the USD 480 support. ETH is trading above USD 500 and USD 510, but there is a significant resistance forming near USD 530. The next key resistance is near the USD 550 level. If there is no upside break above the USD 530 and USD 550 levels, the price could start a new decline. A clear break below the USD 500 handle could push the price back towards the USD 480 support.
Bitcoin Cash, Litecoin, and XRP Price
Bitcoin cash dipped heavily below USD 300 and USD 280. BCH even tested the USD 250 support before starting an upside correction. The price is now trading near USD 270, with an immediate resistance at USD 280. The next significant resistance is near USD 288, above which the price could revisit USD 300. Litecoin (LTC) spiked below the USD 70.00 support and tested the USD 65.00 support. LTC is currently recovering and trading above USD 70.00. The first key barrier for the bulls is at 75.00. A decisive break above the USD 75.00 resistance may lead the price towards the USD 80.00 resistance. The direct support on the downside might be positioning near USD 65.00.XRP price nosedived below USD 0.600, and it even spiked below the USD 0.500 support. The price traded towards the USD 0.455 support before recovering sharply. It is now trading above USD 0.500 and USD 0.520. An initial resistance is near the USD 0.565 level. The next critical breakout zone seems to be forming near the USD 0.592 level.
Other Altcoins Market Today
A few altcoins gained over 5% in the past few hours, including SUSHI, AAVE, YFI, SNX, KSM, WAVES, RSR, HOT, and AMPL. Conversely, ABBC, CRO, BTG, SC, XEM, ONT, BSV, and QNT are down over 8%.
Overall, Bitcoin is recovering above USD 17,000. BTC must exceed USD 17,500 and then USD 17,800 to proceed higher. If not, it could retest the USD 16,500 support zone.
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