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Bitcoin and Ethereum Inch Higher But Downtrend Intact, Altcoins Rally

 

  • Bitcoin price is hovering near USD 20,000.
  • Ethereum keeps its gains above USD 1,000, XRP is holding the USD 0.300 support.
  • Multiple altcoins are up in double digits.

This past weekend, bitcoin extended losses below the USD 20,000 support level and even tested the USD 17,500 zone before the bulls appeared. It is currently (04:05 UTC) trading near USD 20,050 while a major hurdle is near USD 21,200. BTC is up 9% in a day and down 25% in a week.

Similarly, most major altcoins are attempting an upside correction. ETH is up almost 14% and trading near the USD 1,100 level. XRP is consolidating near USD 0.300. ADA is trading well below the USD 0.50 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move below the USD 20,000 level, bitcoin price declined sharply and tested the USD 17,500 zone before the bulls took a stand. The price is now correcting higher and trading near USD 20,000. On the upside, the first key resistance is near the USD 20,500 level. The main weekly resistance is near the USD 21,200 level, above which the price might start a steady increase.

On the downside, an initial support is near the USD 19,250 level. The next major support is near the USD 18,500 zone, below which the price could start another decline.

Ethereum price

Ethereum price spiked below the USD 1,000 level and traded close to USD 920. ETH is now correcting losses and trading above USD 1,050. On the upside, the price is facing resistance near the USD 1,120 level. The next major resistance is near USD 1,150, above which the price could rise towards the USD 1,250 level. ETH is still down almost 26% in a week.

On the downside, an immediate support is at USD 1,020. The next major support is near USD 1,000, below which the bears might retest USD 935.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) spiked below the USD 0.45 support before there was a recovery wave. The price is back above USD 0.465, but it is facing a major resistance near USD 0.50.

BNB dived below USD 200 and tested the USD 188 support. The price is back above USD 200, with a key hurdle near USD 212. The next major resistance is near USD 220.

Solana (SOL) tested the USD 28 support zone, where the bulls emerged. The price is now rising and trading above USD 32. The first key resistance on the upside is near USD 35.

DOGE is gaining pace above the USD 0.0550 support level. The price is up 12% and trading above USD 0.0580. If the bulls remain in action, there could be a move above the USD 0.060 resistance.

XRP is trading above the USD 0.312 resistance. The price is facing resistance near the USD 0.335 zone, above which it could try to clear the USD 0.35 resistance.

Other altcoins market today

Many altcoins are up over 10%, including ATOM, THETA, MATIC, ZEC, APE, LTC, QNT, UNI, and NEXO. Meanwhile, MKR, GMT, and SNX jumped by 20%-44%, becoming the best performers among the top 100 cryptoassets by market capitalization today.

Overall, bitcoin price is struggling to recover above USD 20,500. BTC must clear USD 20,500 and USD 21,200 to start a steady increase.

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