Bitcoin price stayed steady above $ 46,500 and started a new recovery. BTC surpassed the $ 47,200 and $ 47,500 resistance levels. It is currently rising (11:56 UTC) and could attempt to break above $ 48,500.
In addition, many large altcoins are rising steadily. ETH is up nearly 3% and has broken the USD 3,500 resistance. XRP gained around 5% and even tested the USD 1.20 zone. ADA is still encountering resistance near $ 2.88 and $ 2.95.
Total market capitalization
After retesting the $ 46,500 support, Bitcoin price started spiking again. BTC has moved above the $ 47,500 resistance and if it levels out above $ 48,000 it could break above $ 48,500. In this scenario, the price can potentially revisit the USD 50,000 resistance.
If not, BTC could go back down within a range and trade below $ 47,200. The next major support is at $ 47,000, below which the price could hit $ 46,500 again.
“Despite rebounding from recent highs, Bitcoin could see further gains, with data from Arcane Research suggesting institutions are becoming bullish on the asset after its rebound in recent months. Bitcoin open interest with long positions has an all-time high of $ 165.7 million, while short positions have fallen dramatically to $ 74.1 million, suggesting that institutions believe that the Bitcoin -Price still has room for an increase. “Alexandra Clark, sales trader at UK digital asset broker GlobalBlock, said in a note.
“Ethereum’s on-chain activity is bullish, which suggests the second leg of the bull run is near. The recent surge in NFT activity has resulted in an increase in the volume of transactions and active addresses on the Ethereum network, as well as a deflationary supply. Thanks to NFT activity, Ethereum fees and the amount of ETH burned have increased significantly, which means that at times more ETH is burned than is spent. As a result, Ethereum’s daily output fell below that of Bitcoin for the first time. After over $ 3,400, a psychologically important level, Ethereum has one final resistance barrier at the $ 4,078 level, where over 1.5 million addresses bought ether before rising to a new all-time high, “said Clark
Ethereum price remains in a bullish trend and has broken the USD 3,450 resistance. ETH is up nearly 3% and even surpassed the USD 3,500 resistance. It tested $ 3,550 and it appears the bulls are trying more upwards. The next stop for them could be $ 3,650.
On the flip side, initial support is near the $ 3,500 mark. The next big support is now forming near the USD 3,450 level.
ADA, LTC, DOGE and XRP prices
Cardano (ADA) is rising, back above the $ 2.80 level. Immediate resistance is at $ 2.85. The main breakout resistance is still near $ 2.88 and $ 2.95. On a downward correction, the price could find support near the $ 2.65 level.
Litecoin (LTC) is attempting an upside break above the USD 175 resistance. Should the bulls succeed, the price could test $ 185. The next big hurdle for the bulls is at $ 188, above which the price could move towards $ 200. On the downside, the $ 165 level is a major support.
Dogecoin (DOGE) is holding gains above the $ 0.265 level. On the downside, it is encountering resistance near $ 0.285 and $ 0.288. A closing price above $ 0.288 could increase the chances of moving above the $ 0.300 resistance. If not, the price could correct downwards towards $ 0.265.
The XRP price is up 5% and soared above the $ 1.20 resistance. The price is now consolidating gains with immediate support at $ 1.18. The next big support is now at $ 1.15. On the flip side, a close above $ 1.20 could drive the price toward the $ 1.220 and $ 1.235 levels.
Different Altcoins Market Today
Many altcoins gained over 5%, including MINA, FTT, OKB, VET, EGLD, DOT, UNI, AAVE, REV, RUNE, SUSHI and YFI. Of these, the FTT rose over 14% and approached the $ 55 level.
In conclusion, Bitcoin price could attempt an upside break above USD 48,500. If the bulls succeed, BTC could potentially revisit the USD 50,000 resistance zone in the near future.
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(Updated at 12:18 UTC with comments from Alexandra Clark.)