After testing the USD 6,000 support area, bitcoin price started a fresh increase. BTC/USD gained bullish momentum and surged above the USD 6,400 and USD 6,500 resistance levels. The current (08:30 UTC) price action is positive and it could continue to rise towards the USD 6,800 and USD 7,000 levels.
Similarly, most major altcoins are gaining traction and are up between 8%-20%, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is up around 15% and it is now trading above the USD 140 zone. Besides, XRP/USD is rising steadily and it could soon test the USD 0.165 and USD 0.170 resistance levels.
Total market capitalization
In the past two sessions, bitcoin price started a fresh increase above the USD 6,250 resistance. BTC/USD surpassed the USD 6,400 and USD 6,500 resistance levels to move into a positive zone. The next resistance is seen near the USD 6,800 level, above which the price could test the USD 7,000 level.
If there is a downside correction, the previous hurdles near USD 6,500 and USD 6,400 are likely to provide support in the near term.
Ethereum price is also following bitcoin and it is up more than 15%. ETH/USD climbed higher above the USD 135 resistance and it even spiked above the USD 140 level. Any further gains could set the pace for a move towards the USD 145 and USD 150 levels.
On the downside, an initial support is near the USD 135 level, below which the price could correct lower towards the USD 130 support area.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price is also gaining momentum above the USD 210 and USD 215 levels. BCH/USD is now trading above USD 220 and it is facing hurdles near the USD 230 level. The first hurdle is near USD 240, above which the price is likely to test the USD 250 resistance. On the downside, there are supports near the USD 210 level.
Litecoin remained well bid above the USD 35.00 level and it recently started a steady rise. LTC/USD broke the USD 38.50 resistance and it is now rising towards the USD 40.00 resistance. Any further gains could lead the price towards the USD 41.20 and USD 42.00 levels in the near term.
XRP price is showing positive signs above the USD 0.155 resistance levels. The price is now trading above USD 0.160 and it is likely to rise further towards the USD 0.165 barrier. The main resistance is near USD 0.170, above which the bulls are likely to aim a test of USD 0.200.
Other altcoins market today
In the past three sessions, many small-capitalization altcoins rallied more than 15%, including NANO, QNT, SNT, CRO, LINK, NEXO, ENJ, HEDG, XMR, NEO, and REN. Out of these, NANO gained more than 22% and QNT is up close to 21%.
Overall, bitcoin price is gaining bullish momentum and it is trading above the USD 6,500 level. If the bulls gain traction above USD 6,700, there are chances of BTC/USD hitting the USD 7,000 level. Dips are likely to remain well bid above the USD 6,500 and USD 6,400 levels.
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First Published at Bitcoin and Altcoins Gaining Bullish Momentum – Cryptonews