Bitcoin price started recovering above the USD 54,000 level. BTC traded above the USD 55,000 and it is currently (13:05 UTC) showing positive signs. However, it is likely to face resistance near USD 56,500.
Besides, most major altcoins are rising steadily. ETH is outperforming, with a strong move above the USD 2,500 level. XRP/USD is stable above the USD 1.300 level and it might rise towards USD 1.35.
Total market capitalization
There was no major downside break in bitcoin price below USD 54,000. BTC started an upward move and it climbed above the USD 55,000 level. On the upside, the bulls are facing a major resistance near the USD 55,500 level. If there is an upside break above USD 55,500, the price could visit the USD 56,500 resistance zone.
On the downside, the USD 54,400 level is a short-term support. The key breakdown support is now forming near the USD 54,000 level.
Ethereum price rallied over 10% and it broke the USD 2,500 level. ETH/USD traded to a new all-time high above USD 2,570 and it seems like there are chances of more upsides. A clear break above USD 2,600 could accelerate gains in the near term.
If there is a downside correction, the price might find bids near USD 2,520 and USD 2,500. The next key support is near USD 2,450, where the bulls might take a stand.
"The bullish rally in the price of the coin can be adduced to the apparent inability of its competing blockchain networks to take it out of the market. Ethereum still remains the resilient network for DeFi following the scalability issues BSC is currently facing," Konstantin Anissimov, Executive Director at the CEX.IO trading platform, told Cryptonews.com, adding that Ethereum investors are aware of this and "their buying action has returned Ethereum towards a path in which testing a new high above USD 3,000 is now achievable than ever."
BNB, ADA, DOGE, and XRP price
Binance Coin (BNB) is now trading above USD 550. BNB is testing USD 565 and it might continue higher towards the USD 580 level. Any more gains could open the doors for a surge above the USD 600 resistance zone.
Cardano (ADA) is gaining pace and it is now trading above USD 1.220. If ADA clears the USD 1.245 level, it could rise towards the USD 1.285 resistance. The main resistance stands near the USD 1.300 level. Conversely, the bears might take control if there is a close below USD 1.200.
Dogecoin (DOGE) is down over 10% and it declined below the USD 0.300 level. It broke the USD 0.280 support and any more losses could lead the price towards the USD 0.20 level.
XRP price is showing a few positive signs above the USD 1.300 support zone. On the upside, the USD 1.332 level is a short-term resistance. The first key resistance is near USD 1.350, above which the price could surge towards the USD 1.40 level. On the downside, the USD 1.280 level might provide strong support.
Other altcoins market today
Many altcoins gained over 10%, including MKR, COMP, DGB, SOL, UNI, MATIC, ETC, SUSHI, AAVE, LTC, and RSR. Out of these, MKR surged over 35% and it cleared the USD 4,500 level.
To sum up, bitcoin price is slowly recovering, but it might struggle above USD 55,000. On the other hand, ETH remains strong and it could even surge above USD 2,600.
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