Bitcoin Consolidates While Ethereum and Altcoins Inch Higher
- Bitcoin price is consolidating losses near USD 65,000.
- Ethereum is rising towards USD 4,800, BNB is up 3%.
- SHIB gained 5%, and MANA rallied 19%.
Bitcoin price declined below the USD 65,000 support level before there was a minor recovery. It is currently (04:20 UTC) trying to recover further and facing a major hurdle near USD 65,500.
Besides, most major altcoins are moving higher. ETH is gaining momentum and it could even surge above USD 4,800. XRP is trading near USD 1.22 and could continue higher. ADA might gain pace for a move above USD 2.12.
Total market capitalization
After a downside break below USD 65,000, bitcoin price extended losses. BTC even spiked below USD 63,500 before recovering. The price is now consolidating losses and trading near USD 65,000. On the downside, an initial support is near the USD 64,500 level. The next key support is near the USD 64,000 level, below which the price might test USD 63,200.
On the upside, the price is facing resistance near USD 65,500. The next major resistance is now forming near the USD 66,200 level, above which the price might gain bullish momentum.
Ethereum price outpaced bitcoin and started a steady increase above USD 4,750. ETH is facing hurdles near the USD 4,800 level. The main hurdle is near USD 4,850. A close above USD 4,850 is needed for a stronger increase in the near term.
On the downside, an initial support is near USD 4,720. The next key support is near USD 4,650 below which the price might test USD 4,550.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) is consolidating above the USD 2.00 and USD 2.05 support levels. The price is facing resistance near USD 2.12. A close above USD 2.12 could send the price towards the USD 2.20 level.
Binance coin (BNB) is moving higher towards the USD 635 resistance level. An immediate resistance is near the USD 640 level. The main breakout zone is near the USD 650 level, above which the price could start a steady rally.
Solana (SOL) is stuck near the USD 235 level. It is also facing resistance near the USD 242 and USD 245 levels. The key hurdle is near USD 250, above which the price may perhaps gain bullish momentum in the near term.
SHIB is up 5% and is approaching the USD 0.000055 level. A close above the USD 0.000055 resistance level may possibly start a steady increase. Conversely, the price could decline towards the USD 0.000052 level.
XRP price is showing positive signs above the USD 1.20 support level. On the upside, the USD 1.232 level is an immediate hurdle. The main resistance is near USD 1.25. A close above USD 1.25 could start a stronger increase in the near term.
Other altcoins market today
Many altcoins are up over 8%, including UMA, ZRX, MANA, ALGO, ZEN, ZEC, CHZ, MINA, NEAR, SAND, and XEC. Out of these, UMA gained 19% and broke the USD 3.00 level. Meawnhile, LRC, OMG, and IOTX are down over 10%.
Overall, bitcoin price is struggling to stay above the USD 65,000 level. If BTC extends losses below USD 64,200, it could even decline towards USD 63,200.