Bitcoin price appears to face strong resistance near USD 34,000 and USD 35,000. BTC is currently trading well below $ 34,000 (05:00 UTC) but holds some key supports near $ 32,500 and $ 32,200. As long as there is no daily close below 32,000 USD, there is a possibility of a further increase above 35,000 USD.
Also, most of the major altcoins are consolidating. XRP / USD surpassed resistance levels with a sharp rise above USD 0.400 and USD 0.500. EOS is also showing positive signs and is up over 7%. ETH / USD corrected below USD 1,350 but remained well bid above USD 1,250.
Total market capitalization
After a significant rally to USD 38,000, Bitcoin price was unable to hold its gains. BTC saw another drop below $ 35,000 and was even below $ 34,000. On the flip side, the main weekly support is near the $ 32,500 and $ 32,200 levels. If the closing price is decent below $ 32,000, there is a possibility of a sharp decline.
On the upside, there is initial resistance near the USD 34,000 and USD 34,200 levels. The main hurdle is at $ 35,000, above which the price could rise steadily towards the $ 38,000 resistance.
Ethereum price remained in a wide range above the USD 1,250 and USD 1,200 support levels. On the upside, the bulls face major resistance near USD 1,400 and USD 1,450. A successful daily close above $ 1,450 can potentially increase the likelihood of an increase to $ 1,500.
On the downside, the USD 1,250 level is a strong weekly support. Further losses could open the doors to pressure below the USD 1,200 and USD 1,180 levels.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin’s cash price is consolidating above the USD 400 support zone. If BCH breaks the USD 400 support zone, it risks falling again towards the USD 355 and USD 350 support levels. Conversely, the price could steady above the USD 415 levels and USD 425 rise. The next major resistance is near the $ 450 level.
Litecoin (LTC) is below the USD 145 and USD 150 resistance levels. LTC is trading near USD 130 with immediate support at USD 125. The first major support is near USD 122, below which the USD 105 support region could be tested. On the upside, a close above USD 150 is a must for sustained upward movement for the next few days.
The XRP price outperformed Bitcoin and ETH after a long consolidation. It moved above the USD 0.300 barrier, triggering a sharp rise. There was a 50% rally and the price rose above the $ 0.500 resistance. It is now trading well above USD 0.500 and it appears that the bulls are aiming for more gains above USD 0.600.
Other altcoin market today
Some altcoins rose over 10%, including GRT, DOGE, AMPL, SC, FLOW, COMP, and OKB. Of these, the GRT rose 20%, beating the $ 0.800 level.
Overall, the Bitcoin price is facing major hurdles near USD 34,000 and USD 35,000. If BTC levels off above USD 35,000, it could rise again to USD 38,000.
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