Bitcoin and Altcoins Holding Uptrend Support

  • 05 January 2021, Tuesday, 09:06

Bitcoin price is holding gains above the USD 30,000 and USD 30,500 support levels. To start a fresh increase, BTC must gain momentum above the USD 32,500 resistance. It is currently (13:00 UTC) trading well above USD 31,200. Similarly, most major altcoins are trading above important uptrend supports, including ethereum, XRP, EOS, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD is back above USD 1,000, but it must clear USD 1,080 for another rally. XRP/USD is moving higher and it could attempt an upside break above the main USD 0.250 resistance zone.

Total market capitalization

Bitcoin price

There were positive moves in bitcoin price above the USD 30,000 pivot level. BTC is now trading above the USD 31,000 and USD 31,200 levels. If it gains pace above USD 32,000, the bulls may possibly attempt a clear break above the USD 32,500 resistance levels. Any further gains could lead the price towards the USD 33,200 level. If there is no upside break above USD 32,500, the price might start a fresh decline. An initial support is near the USD 31,000 level. The first major supports sits at USD 30,000, below which the price might retest USD 28,000.

Ethereum price

Ethereum price climbed higher steadily and settled above the USD 1,000 level. ETH is showing positive signs, but it is facing a couple of major barriers near USD 1,080 and USD 1,120. A clear close above the USD 1,080 might start a strong increase. On the downside, the USD 1,000 level is a short-term support. The first major support is near the USD 980 level, below which the price might slide towards USD 920.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is holding the USD 395 and USD 400 support levels. BCH is slowly rising and approaching the USD 415 level. The first major resistance is near the USD 422 level, above which the bulls might test the USD 440 level. Conversely, a close below the USD 395 level could initiate a move towards USD 365. Litecoin (LTC) is consolidating near the USD 150 level. LTC may possibly start a steady increase if there is a close above USD 158 and USD 160. In the stated case, the price could start a major upward move towards the USD 175 and USD 180 levels. If not, there are chances of a drop towards the USD 132 support. XRP price is up over 2% and it is trading above the USD 0.225 and USD 0.230 levels. If the bulls remain in action, they could attempt an upside break above the main USD 0.250 resistance. If they succeed, the price could rally to USD 0.265 and USD 0.288. On the other hand, the price might revisit the USD 0.212 support.

Other altcoins market today

Also, many altcoins gained over 10%, including XLM, EWT, AVAX, RUNE, ALGO, GNO, NEXO, ICX, STX, DOGE, VET, THETA, UNI, FTT, MIOTA, and QTUM. Out of these, XLM extended gains over 20% and climbed above the USD 0.170 resistance.

To sum up, bitcoin price is showing positive signs above USD 31,200. Having said that, a close above USD 32,500 is needed to start a fresh rally in the near term. __

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