Bitcoin News

Bitcoin and Altcoins Trading Near Key Inflection Zone

There was a steady increase in bitcoin price above the USD 32,500 and USD 34,000 levels. BTC even broke the USD 35,500 resistance level, but it struggled to gain strength above USD 36,250. It is currently (13:00 UTC) trading well below USD 36,000, with a strong support at USD 34,000.

Similarly, most major altcoins are facing a major hurdle for upside continuation. ETH/USD climbed above the USD 1,100 level, but it failed to surpass USD 1,150. XRP/USD also spiked above USD 0.300, but there was no convincing close above USD 0.300 and USD 0.312.

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Bitcoin price

After a close above USD 34,000, bitcoin price extended its recovery wave above the USD 35,000 and USD 35,500 resistance levels. BTC even broke the USD 36,000 level, but it struggled to stay above USD 36,250 (the last key breakdown zone). As a result, there was a bearish reaction and the price declined below USD 35,500.
On the downside, the first key support is near the USD 34,400 level. The main support is at USD 34,000, below which the price might start a fresh decline towards the USD 31,000 zone.

Ethereum price

Ethereum price gained momentum above the USD 1,120 and USD 1,135 resistance levels. However, ETH failed to clear USD 1,150 and also struggled to stay above USD 1,135. It started a fresh decline and moved below USD 1,100. An initial support is near the USD 1,065 level. Any more losses could lead the price towards USD 1,020.
Conversely, the price must settle above USD 1,135 and USD 1,150 to start a fresh surge towards the USD 1,300 and USD 1,400 levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price made an attempt to clear the USD 500 and USD 505 resistance levels, but it failed. BCH corrected lower and traded below USD 480. It is trading near the USD 475 level, with an initial support at USD 465. The key breakdown support seems to be forming near the USD 450 level. On the upside, a close above USD 500 might call for a move towards USD 540.
Litecoin (LTC) tested the USD 145 resistance, where the bears took a stand. LTC is currently consolidating near USD 140. If it continues to move down, the USD 132 level might provide support. Any more losses may possibly call for a test of USD 125. On the other hand, a clear break above USD 145 and USD 150 could start a fresh increase of 5%-8%.
XRP price spiked above the USD 0.300 resistance, but it failed to clear USD 0.312. There was a bearish reaction and the price is now trading well below USD 0.300. An initial support is near the USD 0.285 level. The main support is still near the USD 0.255 level, where the bulls might remain active.

Other altcoins market today

Many altcoins climbed over 10%, including NANO, AVAX, IOST, COMP, QNT, SOL, NXM, XLM, STX, SNX, and MANA. Out of these, NANO gained over 20% and it broke USD 3.50.

To sum up, bitcoin price is facing an uphill task near USD 36,000 and USD 36,200, above which it could rally. If not, BTC might dive towards the USD 32,500 and USD 31,000 levels.

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