Bitcoin price rose 20% after Elon Musk updated his Twitter bio with #Bitcoin. BTC broke the main resistance at USD 35,000 and even rose towards USD 38,000. Currently (12:30 UTC) gains are being made above $ 36,000 and the $ 38,000 resistance could be resumed soon.
Most of the big altcoins are trying to catch up. ETH / USD is up nearly 10% and broke the USD 1,400 resistance. The XRP / USD surged above USD 0.300 but there wasn’t a proper closing price.
Total market capitalization
In the past few hours, Bitcoin price has surged massively above the USD 34,500 and USD 35,000 resistance levels. BTC gained nearly 20% and even broke the USD 37,200 resistance. It rose to USD 38,000 before a correction took place. It is now trading well over USD 36,000. If the current trend remains intact, there is a possibility of spike again to the $ 38,000 level.
On the flip side, the price could stay stable above USD 35,000 (the most recent breakout zone). Further losses could lead the price towards USD 34,200.
Ethereum’s price struggled to follow Bitcoin, but it still managed to break above the USD 1,350 and USD 1,375 resistance levels. ETH has been trading above USD 1,400 and is struggling to gain momentum above USD 1,425. A close above $ 1,425 could open the doors for a move higher towards the $ 1,480 and $ 1,500 levels.
On the downside, the USD 1,375 level is decent support (a multi-touch zone). The next major support could be near the $ 1,350 level.
Bitcoin Cash, Litecoin and XRP Price
Bitcoin cash price was above the USD 400 level and surpassing the USD 425 resistance. BCH is now consolidating gains and it seems like it could move towards the USD 440 and USD 450 resistance levels. On a downward correction, the USD 405 and USD 400 levels could serve as strong support.
Litecoin (LTC) erased USD 138 and USD 140 resistance levels. LTC is showing positive signs above USD 140 and could continue higher towards USD 145 and USD 150. Further gains could open the doors for a push towards the $ 165 resistance level.
The XRP price rose over 10% and was even above the $ 0.300 level. However, there was no closing price above USD 0.300. As a result, there has been another drop, but the price is stable above USD 0.280. It appears that the bulls are aiming for another uptrend above the $ 0.300 resistance level in the short term.
Other altcoin market today
Some altcoins rose over 50% including DOGE, WSB, SC, RVN, XVG, VGX, QNT, and FTM. Of these, SC is gaining momentum above USD 0.008 and is already up over 80%.
To sum up, the Bitcoin price is rising sharply and has overcome many important hurdles near USD 35,000 and USD 36,500. As a result, there is a possibility of a short-term increase to USD 40,000.