After a minor downside correction, bitcoin price started a fresh increase above USD 38,500. BTC surged over 8% and reclaimed the USD 40,000 level. It is currently (13:00 UTC) trading well above USD 40,000 and it could continue to rise towards USD 42,000 and USD 42,500.
Besides, most major altcoins are recovering and rising. ETH/USD is back above USD 1,200 and it seems like it could even test USD 1,300 in the near term. XRP/USD is stable above USD 0.320 and it is facing hurdles near USD 0.335 and USD 0.342.
Total market capitalization
After a minor drop to USD 36,500, bitcoin price started a fresh increase. BTC broke the USD 38,500 and USD 39,200 resistance levels to move back into a positive zone. There was a close above the USD 40,000 level and the price traded to a new all-time high close to USD 41,750. Any more upsides may possibly lead the price towards the USD 42,500 level.
On the downside, an initial support is near the USD 40,400 level. The next key support is near the USD 40,000 level, below which there is a risk of a larger decline. (Learn more: Bitcoin at USD 50K ‘in Sight’ As There’s ‘Room to Run Higher’ Before Correction)
Ethereum price also followed bitcoin and climbed higher above the USD 1,200 resistance levels. ETH even climbed above USD 1,250, but it is still struggling to gain pace to test USD 1,300. If the price continues to struggle, it could correct again towards the USD 1,120 level.
On the upside, a break above the USD 1,300 level will most likely open the doors for a larger increase towards the USD 1,450 and USD 1,500 levels.
Bitcoin cash, litecoin and XRP price
Bitcoin cash price remained stable above USD 400 and USD 420. As a result, there was a decent upward move above the USD 440 level. BCH is now facing resistance near the USD 450 level. If there is a clear break above USD 450, it could rise back towards the USD 480 level.
Litecoin (LTC) is up over 2% and it is trading above the USD 170 level. If the price continues to rise, it could attempt an upside break above the USD 180 and USD 185 levels. The next major resistance is near the USD 200 level. If there is another decline, the price could retest the USD 155 support.
XRP price corrected lower, but it remained stable above the USD 0.300 level. It is currently trading above USD 0.320, but it is facing hurdles near USD 0.335 and USD 0.342. The main resistance is now forming near the USD 0.350 level. A close above the USD 0.350 level could open the doors for a larger increase.
Other altcoins market today
Many altcoins climbed over 10%, including SOL, HBAR, QNT, ENJ, MANA, DCR, NANO, AVAX, BTG, SUSHI, BAND, and CRO. Out of these, SOL rallied over 50% and it broke the USD 3.50 level.
To sum up, bitcoin completed a downside correction and traded to another all-time high above USD 41,500. BTC might consolidate in the short-term before it could attempt a break above USD 42,000.