Bitcoin Above USD 58K, Ethereum, Altcoins Gain Ground


  • The price of Bitcoin has gained momentum and topped the $ 58,000 level.
  • Ethereum broke through the resistance of $ 3,600, XRP is considering the resistance of $ 1.20.
  • WAVES, DOT and TEL are up 15-26%.

The price of Bitcoin has formed a base above the $ 55,000 level. BTC started a further rise and broke through the resistance of $ 57,500. It is currently trading (04:25 UTC) above $ 58,000 and may continue to accelerate in the near term.

In addition, most of the major altcoins are also gaining ground. ETH is up almost 4% and broke through the resistance zone of $ 3,600. XRP is also up, but it is still well below the resistance of $ 1.20. ADA is targeting a bullish breakout above the $ 2.20 resistance.

Total market capitalization

Source: https://www.tradingview.com

Bitcoin price

After a further rise above 56,500 USD, bitcoin price took a bullish momentum. BTC broke through resistance levels of $ 57,200 and $ 57,500. It is now trading above the 58,000 USD level and showing positive signs. On the upside, initial resistance is near the $ 58,500 level. The next key resistance is near $ 59,000, above which the price may rise to $ 60,000.

On the downside, a first support is close to 57,500 USD. The next major support is near $ 57,200, below which the price could fall back to $ 56,500.

Ethereum price

Ethereum price also tracked bitcoin and managed to break through the resistance level of $ 3,550. ETH even broke above the $ 3,600 level and is showing positive signs. If there is a clear break above the $ 3,660, the price may continue to accelerate for a move towards the $ 3,750 level.

If there is no bullish breakout above $ 3,660, the price may correct lower. First bearish support is near the $ 3,600 level. The first key support is now forming near the $ 3,550 level.

ADA, LTC, DOGE and XRP prices

Cardano (ADA) started a further rise above the 2.10 and 2.12 levels. The price is now trading above $ 2.15 and it may rise steadily towards the $ 2.20 level. Further gains could set the tone for a move towards $ 2.32.

Litecoin (LTC) is back above the resistance at 175 USD. LTC is now trading at close to $ 180 and may gain momentum in the near term. The main hurdle is near the 185 and 188 USD levels. The next major hurdle for the bulls is near the $ 200 level.

Dogecoin (DOGE) remained well above the $ 0.220 level. It is now gaining ground above the $ 0.232 level. If it clears the resistance of $ 0.235, there could be a steady increase. In this case, the price could rise towards the level of 0.250 USD.

XRP price is trading above the $ 1.12 level. Initial resistance is near the $ 1.15 level. The main breakout area is still near the $ 1.20 level. Further gains could set the tone for a larger rise towards the $ 1.32 level.

Other altcoins market today

Many altcoins rose over 5% including TEL, DOT, WAVES, CRV, KSM, VET, XLM, PERP, XDC, UNI, LINK, and ALGO. Of these, TEL rose 26% and topped the $ 0.022 level.

Overall, the price of bitcoin is accelerating above $ 57,500. If BTC clears $ 58,500, there could be a move towards the levels of $ 59,500 and $ 60,000 in the near term.

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