Bitcoin Remains Resilient, Altcoins Start Consolidation

  • 24 December 2020, Thursday, 09:06

Bitcoin price recovered and traded above the USD 23,000 level. It is currently (13:00 UTC) trading in a range and it could start a strong increase if there is a close above USD 23,500.

Besides, most major altcoins are consolidating losses, including ethereum, XRP, EOS, LINK, BNB, XRP, TRX, bitcoin cash, litecoin, and ADA. ETH/USD is stuck below the USD 585 and USD 592 resistance levels. XRP/USD recovered slightly and it is now consolidating above USD 0.250.

Total market capitalization

Bitcoin price

After a short-term decline, bitcoin price found support near USD 22,700 zone. BTC started a fresh upward move and it climbed back above USD 23,000. The price is still struggling to gain momentum above the USD 23,200 resistance level. To start a strong increase, the bulls need to gain strength above the USD 23,500 resistance level. On the downside, there is a key support forming near the USD 22,700 level. The next support is near the USD 22,500 level, below which it could revisit the USD 22,000 support.

Ethereum price

Ethereum price is holding ground above the USD 570 and USD 565 levels. ETH is facing hurdles, starting with USD 585. The first major resistance is near USD 592. The main resistance is now forming near the USD 600 level, above which the price could start a steady increase. If the price remains below the USD 595 and USD 600 resistance levels, there is a risk of a drop below the USD 565 support. The next major support is near the USD 550 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price started a recovery wave above the USD 280 level. BCH is approaching the USD 285 and USD 288 resistance levels. The key breakout zone is now forming near the USD 300 level. A close above USD 300 is a must for a sustained upward move. Conversely, the price might break the USD 270 support and continue lower. Litecoin (LTC) failed to gain strength above the USD 108.00 and USD 110.00 resistance levels. LTC is down 6% and it is approaching the USD 100.00 support. If there are more losses, the bears might test the USD 92.40 support level in the near term. The next major support is near the USD 88.50 level. XRP price started a recovery wave and climbed above the USD 0.250 level. The price is now consolidating above the USD 0.250 level. On the upside, the first major resistance is near the USD 0.288 level. The main resistance is now near USD 0.300, above which the bulls might aim for a stronger recovery wave.

Other altcoins market today

In the past few hours, many altcoins declined over 5%, including XEM, LINK, ALGO, FIL, SNX, AMPL, BAND, ONT, SUSHI, NEO, REN, and QTUM. Conversely, XLM outperformed with a strong upward move above the USD 0.150 resistance.

To sum up, bitcoin price is showing a few positive signs above USD 23,000 and USD 22,700. Having said that, BTC continues to struggle near USD 23,500 and USD 24,000, above which it could rally further in the coming sessions. __

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