Bitcoin price formed a support base above the USD 47,000 and USD 48,000 levels. As a result, BTC started a fresh increase above USD 49,500. There was a clear break above USD 50,000 and the price is currently (04:00 UTC) showing a lot of positive signs.
Similarly, most major altcoins are gaining bullish momentum. ETH climbed above the USD 3,250 and USD 3,300 resistance levels. XRP retested the key USD 1.25 resistance zone. ADA outperformed and it rallied above the USD 2.75 resistance.
Total market capitalization
After a close above USD 48,000, bitcoin price gained strength. BTC was able to clear the USD 49,200 and USD 49,500 resistance levels. Finally, there was a break above the main USD 50,000 resistance. It is now consolidating near USD 50,000 and it might continue to rise. The next key resistance is near USD 50,500, above which the price could test USD 51,200.
An immediate support on the downside is near the USD 49,500 zone. The next major support sits near the USD 49,200 level, below which there is a risk of a move towards USD 48,000.
Ethereum price is also rising and it was able to clear the USD 3,300 resistance. ETH is up 3% and it even surpassed the USD 3,325 resistance. If the bulls remain active, there are chances of a move towards the USD 3,420 level. The next major resistance sits near USD 3,500.
If there is a downside correction, the price might find support near USD 3,250. The key support is now forming near the USD 3,200 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) outperformed with a major move above the USD 2.50 resistance. ADA climbed over 10% and it even surpassed the USD 2.75 level. It is now facing resistance near the USD 2.85 level. Any more gains could lead the price towards the USD 3.00 hurdle.
Litecoin (LTC) is gaining pace and it is attempting a close above the USD 188 resistance. If LTC climbs further, it could even surpass the USD 195 resistance. In the stated case, the price could hit the USD 200 resistance. The next major resistance is near the USD 220 level.
Dogecoin (DOGE) is trading comfortably above the USD 0.320 level. An initial resistance is near USD 0.325, above which the price might revisit the USD 0.335 resistance zone. Any more gains could lead the price towards the key USD 0.350 resistance.
XRP price is slowly rising and it recently tested the USD 1.25 resistance. If there is a close above USD 1.25, the price might test the USD 1.30 resistance. On the downside, the bulls may possibly remain active near the USD 1.232 and USD 1.220 levels.
Other altcoins market today
Many altcoins are up over 8%, including TEL, NANO, AVAX, DASH, CRV, AR, ICX, BAT, XMR, CDX, MIOTA, ONE, and ONT. Out of these, TEL rallied 25% and it surpassed the USD 0.025 level.
Overall, the bitcoin price is gaining pace above the USD 50,000 resistance level. If BTC settles above USD 50,000, it could rise further towards the USD 52,000 level._____