Bitcoin price rose well above the USD 42,000 and USD 45,000 resistance levels. BTC even surged above USD 47,000 and hit a new all-time high near USD 47,500. Currently (05:00 UTC) earnings are consolidating and it could continue to climb towards USD 48,500 and USD 50,000.
Similarly, most of the other major altcoins extended their rally. ETH / USD hit a new all-time high near USD 1,775 and could extend gains. XRP / USD is up over 15% and is nearing the USD 0.500 resistance.
Total market capitalization
After a significant hiatus above USD 42,000, Bitcoin price rose above USD 5,000. BTC even cleared the USD 45,000 and USD 46,000 levels. It was trading near USD 47,500 before a period of consolidation began. The price remains elevated and it appears that there are opportunities for further upward movement above USD 48,000. The next major upside resistance could be near $ 50,000.
Initial downside support is near the USD 46,200 level. The first major support is at $ 45,500, below which the price could trigger an extended downward correction.
Meanwhile, some analysts claim that Tesla’s purchase of USD 1.5 billion in BTC cryptocurrencies may have put it on the agenda of corporate treasurers worldwide.
“We see fundamental reasons for involvement in crypto treasury companies and we expect others to follow suit. We don’t think this will happen overnight, but we believe there is a lot more room for the penetration of the corporate coffers and we expect the trend to continue, ”wrote strategists at Fundstrat Global Advisors, as reported by Bloomberg.
The Ethereum price also gained bullish above the USD 1,700 level. ETH rose above USD 1,750 and hit a new all-time high near USD 1,775. It is difficult to go above USD 1,775. If there is a close above USD 1,775, the bulls could test USD 1,850 or even USD 1,900.
If there is a downward correction, the $ 1,700 zone is a decent support. The next big support is now forming near the $ 1,650 level.
ADA, Litecoin and XRP prices
Cardano (ADA) was stable above USD 0.650 and extended its rally above USD 0.700. ADA was trading as high as USD 0.725, correcting gains. Initial support is near the USD 0.672 level. Main support is now at $ 0.650, below which there is a risk of a larger decline. On the upside, the USD 0.725 level is a short-term resistance.
Litecoin (LTC) gained over 10%, breaking the USD 155 and USD 165 resistance levels. LTC is now trading above USD 170 and could continue to climb towards the USD 178 and USD 180 levels. On a downward correction, the bulls could remain active near USD 165.
XRP price is gaining momentum above the USD 0.450 resistance. The price has even hit the USD 0.465 level and could move towards the USD 0.492 and USD 0.500 resistance levels. Further gains could set the pace for a near-term spike to the USD 0.550 level.
Other altcoin market today
Many Altcoins rose by over 20%, including BTT, LUNA, XVS, DGB, CAKE, MIOTA, EGLD, FIL, SOL, RUNE, BTCB, AVAX and TRX. Of these, BTT rose over 160% and LUNA topped the USD 5.00 resistance.
Overall, the Bitcoin price is gaining upward trend over USD 46,000. There is a possibility that BTC could see further upward moves towards USD 48,500 and USD 50,000 in the near future.
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