While Bitcoin Extends Rally, Altcoins Take Back Seat

  • 31 December 2020, Thursday, 01:06

After settling above USD 28,500, bitcoin price started a fresh increase. BTC broke the USD 29,000 level and traded to a new all-time high close to USD 29,300. It is currently (05:00 UTC) consolidating gains and it seems like the bulls might aim for a test of USD 30,000 in the near term. Besides, most major altcoins are stuck in a range, including ethereum, EOS, XLM, LINK, BNB, XRP, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD is still struggling to gain bullish momentum above USD 745 and USD 750. XRP/USD is showing recovery signs and it seems to be forming a support base above USD 0.200.

Total market capitalization

Bitcoin price

There was a fresh increase in bitcoin price above the USD 28,500 and USD 28,800 resistance levels. BTC even climbed above the USD 29,000 level and traded to a new all-time high near USD 29,300. Recently, there was a pullback below USD 29,000, but the price remained well supported. An initial support is near the USD 28,800 level. The main support might be forming near the USD 28,250 level. On the upside, the price is facing hurdles near USD 29,300, above which it could grind higher towards the USD 30,000 level.

Ethereum price

Ethereum price remained well supported above the USD 720 level. It seems like ETH is stuck in a crucial range, with a major resistance near USD 745 and USD 750. If there is a clear break above the USD 750 level, the price might accelerate higher towards the USD 788 and USD 800 levels. An initial support on the downside is seen near the USD 732 level. The key support and a range lower end is near the USD 720 level, below which the price might revisit USD 700.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is consolidating above the USD 350 level. On the upside, BCH could struggle to gain momentum above USD 360 and USD 365. If it succeeds, there could be a sharp increase towards the USD 380 and USD 388 levels. The next major resistance on the upside awaits near the USD 400 level. Litecoin (LTC) is down over 2% and it is now trading below the USD 130 support. The next major support is near the USD 120 level. If there is a close below the USD 120 level, there are chances of a sharp decline towards the USD 105 and USD 102 levels. To start a fresh increase, the price must clear the USD 130 level. XRP price is up around 5% and it is trading well above the USD 0.200 level. It seems like a support base is forming near USD 0.200, below which it could resume its decline. On the upside, the price must clear USD 0.232 and USD 0.250 for a fresh increase in the coming sessions.

Other altcoins market today

In the past few hours, a few altcoins declined over 5%, including WAVES, XLM, ICX, SNX, NEXO, SC, OMG, DASH, XTZ, REP, KNC, and ATOM. Out of these, WAVES is down 8% and it broke the USD 6.45 support.

Overall, bitcoin price is trading above USD 28,300 and USD 28,500. It seems like BTC might continue higher towards USD 29,500 and USD 30,000 in the near term. __

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Source: cryptonews.com