Bitcoin price 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.
Similarly, most major altcoins are showing positive signs, including ethereum, XRP, EOS, XLM, LINK, BNB, TRX, bitcoin cash, litecoin, and ADA. ETH/USD tested 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 now trading above USD 350.
Total market capitalization
In the past few sessions, bitcoin price 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, an initial support is near the USD 23,500 level. The main weekly support is now forming near USD 23,000, below which the price might correct towards USD 22,200.
Ethereum price struggled to clear the USD 660 level and corrected lower. There was a dip below the USD 640 level, but ETH found a 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 XRP price
Bitcoin cash price 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.
XRP price 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 a key support near the USD 0.540 level. Any more losses may possibly 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.
Overall, bitcoin price 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…