Let's take a look at what's going on in the cryptocurrency market at the moment presently, including the prices of bitcoin and ethereum, as well as some of the more notable altcoins.
Bitcoin recently climbed above the $50,000 resistance zone just yesterday. After a short-term downside reversal, BTC stayed in a bullish zone and was able to stretch increases above $52,000.
The bulls picked up steam, pushing the price beyond $52,000. On the hourly chart of the BTC/USD pair, there was also a break above a main resistance trend line at $52,800.
Near the $54,000 mark, there is immediate resistance. The $54,250 mark is the first major resistance. The primary decline from the $52,748 swing high to $46,350 swing low is close to the 1.236 Fib extension mark. The bulls' next big support is near the $55,000 mark. Any further increases could push the price up to the $58,000 resistance zone, which would be an all-time high.
Significant on-chain support for BTC was discovered at around $47,000, according to Glassnode, making it the biggest on-chain support case since Bitcoin broke above $11,000 in late 2020.
After yesterday's upside split, Ethereum stayed in a positive zone above the $1,650 resistance. The bullish momentum in ETH grew, and it even broke through the $1,700 resistance mark.
As a result, the bulls gained control and the market soared beyond $1,800. It reached a new weekly high near $1,858 and is showing signs of improvement.
In the short term, the pair is likely to continue higher towards the $1,920 and $2,000 resistance ranges.
See how other coins did today.
Bitcoin Cash began the day in an increase. Its lowest point was at $525. It started a rise shortly after that and peaked at $546 before undergoing a minor correction. It is currently still trading above $530.
Ripple's highest peak was above $0.483. Its intraday low level was below $0.472. It is still trading above $0.475.
Litecoin reached an intraday decline of $193 before beginning an increase. It hit its peak at $199 and is still trading above $195.
