The price of bitcoin is gradually rising, but it is facing hurdles near USD 57,000. Ethereum is gaining speed and may exceed USD 3,500, XRP is consolidating losses below USD 1.50. DOGE rallied above USD 0.450, litecoin rose 15% and traded above USD 300.
Bitcoin price has initiated a wave of recovery above the USD 55,500 resistance. BTC has broken through the USD 56,000 level, but currently (12:00 PM UTC) it faces many obstacles. A close above US $ 57,000 is required for a steady rise.
Furthermore, most of the major altcoins are moving higher. ETH tested the USD 3,250 support before climbing higher. XRP / USD is trading below USD 1.50 and could attempt a break to the upside.
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The price of Bitcoin
After fetching over USD 55,500, the bitcoin price has extended its rise. BTC traded above the USD 56,000 level. An initial resistance is near the USD 56,500 level. The main hurdle is now close to USD 57,000, above which the price could steadily rise towards the USD 58,500 resistance level.
On the downside, the USD 55,500 level is decent support. If the price fails to stay above USD 55,500, it could resume its decline towards USD 54,000.
The price of Ethereum
The price of Ethereum is outperforming bitcoin and remained well above 3,200 and 3,250 USD. ETH is up again and recently climbed above USD 3,400. An initial resistance is near the USD 3,480 level, above which the price could even break out of the USD 3,500 barrier.
In the event of a further decline, the USD 3,350 level could provide support. The first major support is near USD 3,300, below which the price could test USD 3,240.
The price of BNB, LTC, DOGE and XRP
Binance Coin (BNB) found support near USD 630 and started a new rise. BNB broke the USD 645 and USD 650 levels. If the bulls remain in action, the price could retest the USD 680 resistance level. The next big upside resistance is near USD 700.
Litecoin (LTC) formed a base above USD 280 and started a strong bullish move. LTC rose 15% and broke the USD 300 resistance. Immediate resistance is near USD 325. A clear break above USD 325 could set the pace for a move towards the USD 350 level.
Dogecoin (DOGE)it is rising and has broken out of the USD 0.450 resistance. It rose more than 25% and broke above USD 0.480. The bulls aim for a break above the USD 0.500 resistance zone in the short term
The price of XRP is consolidating below the USD 1.50 level. Immediate support is near the USD 1.465 level. If there are more losses, the price could test USD 1.45. On the upside, a clear break above USD 1.50 could set the pace for a move towards the USD 1.60 level.
More altcoin markets today
Several altcoins increased by more than 8%, including DOGE, RUNE, WAVES, DASH, ETC, OMG, YFI, MKR, and FLOW. Of these, RUNE could attempt a break-up above USD 20.
To sum it up, the price of bitcoin is recovering beyond USD 56,000. However, BTC must unlock USD 57,000 to return to a positive zone. If not, the price could revisit the $ 54,000 zone.
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