Bitcoin Climbs To New 2020 High, Altcoins Gaining Bullish Momentum

Bitcoin Climbs To New 2020 High, Altcoins Gaining Bullish Momentum
(Source: www.tradingview.com)

After a short term downside correction, bitcoin price found support near the USD 8,550 area. Later, BTC/USD started a fresh increase above the USD 8,650 and USD 8,850 resistance levels. A new 2020 high is formed near USD 9,000 and the price is currently (09:00 UTC) trading with a bullish angle.

Similarly, there were decent gains in most major altcoins, including ethereum, XRP, bitcoin cash, litecoin, EOS, BNB, ADA, TRX, ETC, and XLM. ETH/USD is up around 8% and it broke the USD 166 and USD 170 resistance levels. XRP/USD is also gaining traction and it recently surpassed the USD 0.232 resistance area.

Total market capitalization

Bitcoin price

Recently, bitcoin price started a fresh increase above the USD 8,650 and USD 8,700 resistance levels. More importantly, BTC/USD surpassed the USD 8,850 resistance area and climbed to a new 2020 high. The price is currently showing a lot of positive signs and it seems like it could rise further towards the USD 9,250 and USD 9,300 levels. On the downside, the USD 8,850 and USD 8,700 levels are likely to provide support. If there are more downsides, the price is likely to revisit the main USD 8,550 support area in the near term.

Ethereum price

Ethereum price is gaining bullish momentum from the USD 160 support. ETH/USD surged above the USD 166 and USD 170 resistance levels. It seems like the bulls are now aiming a clear break above the USD 175 and USD 178 levels in the coming sessions. On the downside, the previous resistance near USD 166 is likely to act as a buy zone. If there is a fresh decline below USD 166, the bulls are likely to struggle to hold the USD 158 support.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price remained well bid above the USD 320 support area. BCH/USD is currently surging and trading above the USD 340 resistance. If there are more upsides, there are chances of a break above the USD 355 and USD 360 resistance levels. On the downside, the main supports are near USD 335 and USD 320. Litecoin started a fresh upward move above the USD 58.50 and USD 59.20 resistance levels. LTC/USD is up around 8% and it is now trading above the USD 60.00 level. The next target for the bulls in the short term could be USD 62.20. On the downside, the USD 58.50 is a strong support. XRP price regained bullish momentum and climbed above the USD 0.228 and USD 0.232 resistance levels. XRP/USD is likely to continue higher above USD 0.236 and USD 0.238. Besides, a clear break above USD 0.240 could start a solid rally towards USD 0.250.

Other altcoins market today

In the past three sessions, many small capitalization altcoins gained more than 10%, including ETC, MONA, MATIC, ATOM, LINK, DCR, BCN, XTZ, XEM, ARDR, GRIN, ICX, ZEC, and NEXO. Out of these, ETC surged nearly 30% and MONA is up around 25% today.

To sum up, bitcoin is trading in a solid uptrend above USD 8,550 and USD 8,650. A daily close above the USD 9,000 resistance level could set the pace for more upsides in BTC/USD towards USD 9,300 or even USD 9,500 in the coming sessions. __

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