XRP Takes The Center Stage, Bitcoin Fluctuates Around USD 34K

  • 01 February 2021, Monday, 09:06

Bitcoin price remained well bid above the US 33,000 level. As a result, BTC started a fresh increase above the USD 34,000 resistance level. It is currently (13:15 UTC) correcting gains and trading below USD 34,000.

Similarly, most major altcoins are showing positive signs. XRP/USD even broke the USD 0.600 resistance level before correcting lower. ETH/USD is slowly rising, but it must settle above USD 1,350 for a sustained upward move.

Total market capitalization

Bitcoin price

After a decent move above USD 33,500, bitcoin price was able to clear the USD 34,000 resistance level. BTC even spiked above USD 34,500, but it failed to continue higher. It is now trading below USD 34,000, however, it seems like the bulls may soon make an attempt to clear the USD 35,000 resistance level too. If they succeed, the price might rise towards the USD 36,500 resistance. Conversely, there is a risk of a fresh decline towards the USD 33,000 support level.

Ethereum price

Ethereum price is holding steady above the USD 1,300 level. ETH is showing positive signs, but it must settle above USD 1,350 for a sustained upward move. The next key resistance on the upside is near the USD 1,400 level, above which it could test USD 1,400. On the downside, the USD 1,300 level is a decent support. A break below the USD 1,300 level may possibly lead the price towards the USD 1,250 support zone.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is up over 5% and it broke the USD 425 resistance level. BCH seems to be gaining pace and it could continue to rise towards the USD 435 and USD 440 levels. The next major resistance on the upside is near the USD 450 level. If there is a downside correction, the USD 415 level might provide support. Litecoin (LTC) is rising steadily and it is now trading well above USD 130. LTC is facing a strong resistance near the USD 140 and USD 142 levels. A clear break above the USD 142 resistance is needed for a push towards the USD 150 level. On the downside, the USD 130 level is a short-term support, followed by USD 125. XRP price remained in a strong uptrend and it continues to outperform bitcoin and ETH. The price was able to surge above the USD 0.600 resistance and it even spiked above USD 0.700. A high is formed near USD 0.755 and the price is currently correcting gains below USD 0.600..

Other altcoins market today

A few altcoins gained over 8%, including DOGE, CAKE, FLOW, SC, GRT, COMP, BNB, OKB, XEM, EOS, and OMG. Out of these, DOGE surged 40% and it is back above USD 0.380.

To sum up, bitcoin price was showing positive signs above USD 34,000. However, BTC is facing strong resistance near the USD 35,000 level. __

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Source: cryptonews.com