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Bitcoin and Ethereum consolidate, BAT skyrockets

Crypto market

  • Bitcoin’s price extended the recovery above USD58,500.
  • Ethereum has broken out of the USD 4,400 resistance, XRP is locked below USD 1.05.
  • GALA, LPT and BAT are up by more than 29%.

Bitcoin price managed to extend gains above the USD 58,500 resistance zone. BTC even broke above the USD 59,000 level, but there was no breakthrough above USD 60,000. Currently (04:45 UTC) it is consolidating, trading above the USD 57,500 support, and is up nearly 1% in one day.

Furthermore, most of the major altcoins are on the rise. ETH is up 3% and surpassed the USD 4,400 level. XRP is still struggling to break out of the USD 1.05 resistance. ADA is consolidating above the USD 1.62 support level.

Total market capitalization

Crypto capitalization
Source: tradingview.com

The price of Bitcoin

After a close above USD 57,500, the bitcoin price managed to extend the recovery. BTC was able to break out of the USD 59,000 level, but there was no USD 60,000 test. The price is now correcting downward and is trading below USD 58,000. On the downside, initial support is near USD 57,500. The next major support is near USD 57,500, below which the price may drop towards the USD 56,000 support.

On the upside, the price is facing resistance near USD 58,100. The next major resistance is near USD 59,500, above which the price could test USD 60,000.

The price of Ethereum

Ethereum’s price gained pace on a move above the USD 4,400 and USD 4,500 levels. ETH tested USD 4,550 before initiating a downward correction. It is now consolidating near USD 4,400. A fresh hike above USD 4,500 could lift market sentiment in the short term.

If a downward correction occurs, the price may find support near USD 4,400. The next major support is near USD 4,350, below which the price could drop steadily.

The price of ADA, BNB, SOL, SHIB and XRP

Cardano (ADA) is trading in a bearish zone below the USD 1.70 level. It is now consolidating above USD 1.62, below which there is a risk of further losses. Conversely, there may be a recovery wave towards the USD 1.72 level.

Binance coin (BNB) is up 3% and surpassed the $ 650 level before correcting lower. If the bulls stay in action, there is a chance of a move towards the USD 660 level.

Solana (SOL) is struggling to stay above the USD 200 support zone. A break to the downside below USD 200 could possibly increase pressure on the bulls. The next major support is near the USD 185 level.

Shiba Inu (SHIB) is stuck near the USD 0.000040 level. A close below the $ 0.000040 level may possibly increase the selling pressure. The next major support is USD 0.000038, below which the price may slide towards the USD 0.000035 level.

The price of XRP is consolidating above the USD 1.00 support zone. It is facing major resistance near the USD 1.05 level. A close above USD 1.05 could drive the price towards the USD 1.12 level. Otherwise, it could fall below the USD 1.00 level.

More altcoin markets today

Many altcoins have risen by more than 10%, including BAT, GALA, LPT, SC, RUNE, KCS, FIL, OKB, KDA, LUNA, ZEC, IMX, and ICP. Among them, BAT gained 48% and broke the USD 1.75 level. The token is the best performing cryptocurrency among the top 100 coins by market capitalization. Meanwhile, CRO is today’s worst performer, having fallen 10% and trading close to USD 0.75.

Overall, the price of bitcoin is looking to move higher towards the USD 60,000 level. If BTC gains pace above USD 59,500, it could accelerate higher in the next term.

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Kim Lee

Kim is a Chinese girl and has studied in England. Kim loves playing video games, she likes Fortnite games. Kim likes Hollywood movies. Kim's English is very good, so she became a writer. Email : kim@d1softballnews.com

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