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 was able to gain strength above the key $50,000 resistance after closing above the $48,000 resistance mark. It even broke through the $51,500 barrier and surged past the $52,000 mark.
It traded close to $52,650, a new monthly peak. Above the $50,000 and $50,500 support levels, it traded in the positive region. Since then, there had been a minor correction below the $51,000 mark.
The bulls, on the other hand, were active close to $50,000 and $49,500.
On the hourly chart of the BTC/USD pair, a significant bullish trend line was formed with support near $49,800. It wasn't able to continue higher and is trading above $49,000.
Meanwhile analysts are speculating that the BTC bull run is only just starting. This could be catalyzed by the U.S Central banking printing money for COVID relief schemes which could herald inflation for fiat currencies.
The recovery wave for Ethereum has continued above the crucial $1,600 resistance mark. It also broke through to the $1,625 resistance mark, trading near $1,655 for a new monthly peak. It then began to correct to the bottom and declined below $1,600.
It tried to climb above $60,000 but wasn't able to do so. The initial support near the $1,550 level and the trend line on the downside held support. The altcoin is now trading above $1,550.
Here's a summary of altcoin prices and performance today.
BNB is down over 5% and it is trading well below USD 250. BNB even traded below USD 242 and it is slowly approaching the USD 232 support. The next major support is near the USD 225 level. To start a fresh increase, the bulls need to clear USD 250.
ADA is down 8% and the price is moving lower towards the USD 1.150 support zone. The next major support sits near the USD 1.120 level. On the upside, the previous support at USD 1.200 might act as a strong support in the near term.
LTC is now trading well below USD 195 and testing the USD 185 level. If LTC settles below USD 185, there are chances of a drop towards the USD 175 level. On the upside, the USD 195 and USD 200 levels are important hurdles for the bulls.
XRP price is back above the USD 0.450 level and is slowly gaining bullish momentum. If the bulls remain in action, there are chances of a break above the USD 0.465 resistance. The next major resistance is near the USD 0.482 level.
