Bitcoin price started a recovery wave above the USD 55,500 resistance. BTC cleared the USD 56,000 level, but it is currently (12:00 PM UTC) facing many hurdles. A close above USD 57,000 is needed for a steady increase.
Besides, most major altcoins are moving higher. ETH tested the USD 3,250 support before climbing higher. XRP/USD is now trading below USD 1.50 and it might attempt an upside break.
Total market capitalization
After recovering above USD 55,500, bitcoin price extended its increase. BTC traded above the USD 56,000 level. An initial resistance is near the USD 56,500 level. The main hurdle is now near USD 57,000, above which the price might rise steadily towards the USD 58,500 resistance level.
On the downside, the USD 55,500 level is a decent support. If the price fails to stay above USD 55,500, it could resume its decline towards USD 54,000.
Ethereum price is outperforming bitcoin and it remained well bid above USD 3,200 and USD 3,250. ETH is rising again and it recently climbed above USD 3,400. An initial resistance is near the USD 3,480 level, above which the price might even clear the USD 3,500 barrier.
If there is a fresh decline, the USD 3,350 level could provide support. The first major support is near USD 3,300, below which the price might test USD 3,240.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) found support near USD 630 and it started a fresh increase. BNB cleared the USD 645 and USD 650 levels. If the bulls remain in action, the price might retest the USD 680 resistance level. The next major resistance on the upside is near USD 700.
Litecoin (LTC) formed a base above USD 280 and it started a strong upward move. LTC climbed 15% and it cleared the USD 300 resistance. An immediate resistance is near USD 325. A clear break above USD 325 could set the pace for a move towards the USD 350 level.
Dogecoin (DOGE) is surging and it cleared the USD 0.450 resistance. It is up over 25% and there was a break above USD 0.480. The bulls are now aiming for a break above the USD 0.500 resistance zone in the near term.
XRP price is now consolidating below the USD 1.50 level. An immediate support is near the USD 1.465 level. If there are more losses, the price could test USD 1.45. On the upside, a clear break above USD 1.50 could set the pace for a move towards the USD 1.60 level.
Other altcoins market today
Several altcoins climbed over 8%, including DOGE, RUNE, WAVES, DASH, ETC, OMG, YFI, MKR, and FLOW. Out of these, RUNE might attempt an upside break above USD 20.
To sum up, bitcoin price is recovering higher above USD 56,000. However, BTC must clear USD 57,000 to move back into a positive zone. If not, the price could revisit the USD 54,000 zone.