Let's take a look at what is happening in the crypto market today, looking into bitcoin and ethereum prices as well as that of significant performing altcoins.
Yesterday, bitcoin traded in the $48k-$51k range. It tried to break above $52,000 but failed to do so. There was a clear break above the $48,000 level before it rebounds above $49,000. It seemed to form a support base above the $48,000 level.
A break happened above a crucial bearish trend line with resistance near $49,500 on the hourly chart of the BTC/USD pair. It then settled above the $50,000 level. It is currently trading above $50,000. The next critical resistance levels are at the $51,500 and $52,000 levels. If it successfully breaks above this, it could continue above $55,000.
Ethereum began a steady recovery above the $1,600 level against the US Dollar. It established a good support base above $1,550 and regained above $1,650. The price formed a high close to $1,720 before correcting lower. It found support above the $1,575 level and stayed strong above that.
The price is still trading below the $1,700 resistance. There could be a substantial increase if there is a clear break above $1,700 and $1,720.
Check out altcoins' prices today.
Bitcoin Cash began the day in an increase above $540. It soon went into a fresh decline; its lowest point was at $519. It started a rise shortly after that and reached a peak level of $546 before undergoing a minor correction. It is currently trading above $540.
Ripple began today in a slight increase. Its highest peak was above $0.480.But it started a descent after that and hit an intraday low of 0.460. It started another fresh increase and is now trading close above $0.470.
Litecoin reached an intraday decline of $176 before beginning an increase. It was at its peak of $198 just now and currently seems to be gaining still.
Binance Coin (BNB) spiked to test the USD 280 level before it trimmed gains. BNB is now trading below USD 250 and it might continue lower towards the USD 232 and USD 230 levels. The next major support is near the USD 220 level. On the upside, the bulls are struggling to gain strength above USD 260.
In conclusion, it's been a rough few few days for most altcoins and especially for bitcoin.
