Bitcoin Faces Resistance While Ethereum and Altcoins Rise

Bitcoin price struggled to stay above the USD 48,000 level and it started a fresh decline. BTC traded below the USD 47,500 support level. It is currently (04:28 UTC) facing an increase in selling pressure, with a major support near USD 46,200.

Conversely, many major altcoins gained bullish momentum. ETH is up over 5% and it broke the USD 3,400 resistance. XRP is also rising and it surpassed the USD 1.15 resistance. ADA could rally if it clears USD 2.88.

Total market capitalization

Bitcoin Faces Resistance While Ethereum and Altcoins Rise 101Source: www.tradingview.com

Bitcoin price

After struggling above USD 48,000, bitcoin price reacted to the downside. BTC traded below the USD 47,500 and USD 47,200 support levels. The price even traded below USD 46,800, but it stayed above USD 46,500. The main breakdown support is near the USD 46,200 level, below which the bears might take control.
On the upside, an immediate resistance is near the USD 47,200 level. The first major resistance is near the USD 48,000 level, above which the price might start a steady recovery towards USD 49,200.

Ethereum price

Ethereum price started a steady increase after it broke the USD 3,300 resistance. ETH even climbed above USD 3,400 and it tested USD 3,475. The price is now correcting gains, but it could find bids near USD 3,400 and USD 3,380.
If there is a fresh increase, the price might test the USD 3,500 resistance. Any more gains could open the doors for a move towards USD 3,650 in the coming sessions.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is still stuck in a range near the USD 2.80 pivot level. An immediate resistance is near USD 2.85. The key barrier is near the USD 2.88 and USD 2.95. A close above USD 2.95 could spark a rally towards USD 3.20 or even USD 3.25.
Litecoin (LTC) climbed above USD 172 and tested the USD 175 resistance. It seems like the bulls are facing resistance near USD 175. If they succeed, the price could rise towards the USD 188 level. Any more gains may possibly lead the price towards the USD 200 level.
Dogecoin (DOGE) spiked above USD 0.280 and tested USD 0.285. However, there was no upside continuation and the price corrected lower. On the downside, the bulls are active near USD 0.265. The main breakdown support is still near the USD 0.250 level.
XRP price is up over 5% and it was able to climb above USD 1.15. The price even surpassed USD 1.18 and it might continue to rise towards the USD 1.20 resistance. Any more gains could set the pace for a larger increase towards the USD 1.25 level. If there is a downside correction, the price might find bids near USD 1.15.

Other altcoins market today

Many altcoins are up over 5%, including KSM, SAND, EGLD, AAVE, DOT, ALGO, AR, UNI, REV, YFI, WAVES, CRV, and FTT. Out of these, KSM rallied 19% and it surpassed the USD 380 level.

Overall, bitcoin price is still struggling below the USD 48,000 and USD 48,500 resistance levels. If BTC fails to stay above USD 46,500, there could be a stronger decline.
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Bitcoin Faces Resistance While Ethereum and Altcoins Rise 102

Source

Updated: 09/01/2021 — 01:00