Bitcoin price formed a base above the USD 55,500 level and started a steady recovery. BTC traded above the USD 56,500 resistance and is currently (04:40 UTC) trading above USD 57,500. However, the price is still facing many hurdles ahead.
Meanwhile, most major altcoins are gaining bullish momentum. ETH started a fresh rally and it even traded to a new all-time high above USD 4,300. XRP/USD gained 10% and it climbed above the USD 1.50 resistance zone.
Total market capitalization
After a downside correction, bitcoin price started a fresh increase. BTC recovered above the USD 55,500 and USD 56,500 resistance. The price is gaining pace and it might test the USD 58,500 resistance. The main resistance for the bulls is still near the USD 59,500 and USD 60,000 levels. A successful close above the USD 60,000 level could set the pace for a larger increase in the coming sessions.
If there is no upside break above USD 58,500, the price could start another decline. An initial support is at USD 57,200, below which the price could revisit USD 56,500.
Ethereum price remained strong above USD 3,750 and it started a fresh rally. ETH broke the USD 4,000 level and it even surged above USD 4,200. It traded to a new all-time high above USD 4,300 and it might continue higher towards USD 4,400.
On the downside, the USD 4,250 level is a short-term support. The first key support is now forming near the USD 4,200 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is up 6% and it is now trading above USD 670. It seems like BNB might soon attempt to clear the USD 700 resistance. If there is a clear break above USD 700, the price could surge further.
Litecoin (LTC) started a fresh rally above the USD 365 and USD 380 resistance levels. LTC is now approaching the key USD 400 level. If the bulls remain in action, the price could even surge towards the USD 420 level.
Dogecoin (DOGE) is struggling to follow the current market sentiment and it is below USD 0.500. The first major resistance is near the USD 0.525 level. On the downside, the USD 0.465 level remains a key breakdown zone.
XRP price recovered steadily and it even climbed above the main USD 1.50 resistance. It is up over 10% and it is now approaching the USD 1.55 resistance. Any more gains could open the doors for a move towards the USD 1.60 level.
Other altcoins market today
Many altcoins rallied over 15%, including EOS, YFI, MATIC, SUSHI, HT, ZEC, BAKE, ZEN, MKR, OMG, BCH, AAVE, TRX, BSV, KCS, SNX, WAVES, REN, and AVAX. Out of these, EOS, YFI and MATIC performed well and gained over 40%.
Overall, bitcoin price is slowly rising towards the USD 58,500 and USD 59,500 resistance levels. If BTC fails again, there could be a strong bearish reaction.