Bitcoin price remained stable above USD 46,500 and started a fresh recovery. BTC surpassed the USD 47,200 and USD 47,500 resistance levels. It is currently (11:56 UTC) rising and it might attempt an upside break above USD 48,500.
Besides, many major altcoins are rising steadily. ETH is up almost 3% and it broke the USD 3,500 resistance. XRP gained around 5% and it even tested the USD 1.20 zone. ADA is still facing resistance near USD 2.88 and USD 2.95.
Total market capitalization
After retesting the USD 46,500 support, bitcoin price started a fresh increase. BTC climbed above the USD 47,500 resistance and if it settles above USD 48,000, there could be an upside break above USD 48,500. In this scenario, the price may possibly revisit the USD 50,000 resistance.
If not, BTC might move down again within a range and trade below USD 47,200. The next key support is near USD 47,000, below which the price might revisit USD 46,500.
"Despite retracing from recent highs, there may be further gains to come for bitcoin with data from Arcane Research suggesting that institutions are turning bullish on the asset following its recovery in the past few months. Bitcoin open interest with long positions has reached an all-time high at USD 165.7m, whilst short positions have fallen dramatically to USD 74.1m, indicating that institutions feel the bitcoin price still has room to surge higher. Crucial to this rise is a recovery of bitcoin’s trading volume which has been on the decline," Alexandra Clark, Sales Trader at the UK-based digital asset broker GlobalBlock, said in a note.
"Ethereum’s on chain activity is bullish, indicating the second leg of the bull run is close. The recent spike in NFT activity has prompted a rise in transaction volume and active addresses on the Ethereum network, as well as a deflationary supply. Owing to NFT activity, Ethereum fees and the amount of ETH being burnt has increased significantly meaning, at times, more ETH is being burnt than issued. As a result, for the first time ever, Ethereum’s daily issuance fell below that of Bitcoin. After surpassing USD 3,400, a psychologically important level, Ethereum has one last resistance barrier at the USD 4,078 level, where over 1.5 million addresses purchased Ether, before it rallies to a new all-time high," according to Clark
Ethereum price remains in a bullish trend and it broke the USD 3,450 resistance. ETH is up almost 3% and it even surpassed the USD 3,500 resistance. It tested USD 3,550 and it seems like the bulls are aiming more upsides. The next stop for them could be USD 3,650.
On the downside, an initial support is near the USD 3,500 level. The next major support is now forming near the USD 3,450 level.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) is rising and it is back above the USD 2.80 level. An immediate resistance is near USD 2.85. The main breakout resistance is still near the USD 2.88 and USD 2.95. If there is a downside correction, the price might find support near the USD 2.65 level.
Litecoin (LTC) is attempting an upside break above the USD 175 resistance. If the bulls succeed, the price could test USD 185. The next major hurdle for the bulls is near USD 188, above which the price might rise towards the USD 200 level. On the downside, the USD 165 level is a major support.
Dogecoin (DOGE) is holding gains above the USD 0.265 level. On the upside, it is facing resistance near USD 0.285 and USD 0.288. A close above USD 0.288 could increase the chances of a move above the USD 0.300 resistance. If not, the price might correct lower towards USD 0.265.
XRP price is up by 5% and it spiked above the USD 1.20 resistance. The price is now consolidating gains, with an immediate support at USD 1.18. The next major support now sits near USD 1.15. On the upside, a close above USD 1.20 could lead the price towards the USD 1.220 and USD 1.235 levels.
Other altcoins market today
Many altcoins gained over 5%, including MINA, FTT, OKB, VET, EGLD, DOT, UNI, AAVE, REV, RUNE, SUSHI, and YFI. Out of these, FTT rallied over 14% and approached the USD 55 level.
To sum up, bitcoin price could attempt an upside break above USD 48,500. If the bulls succeed, BTC may possibly revisit the USD 50,000 resistance zone in the near term.
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(Updated at 12:18 UTC with comments from Alexandra Clark.)