Bitcoin and Ethereum Eye Additional Gains, DOGE Accelerates
- Bitcoin price is eyeing more gains above the USD 66,000 resistance.
- Ethereum could surpass USD 4,800, XRP spiked towards USD 1.30.
- DOGE gained pace and was able to climb above USD 0.28.
Bitcoin price remained stable above the USD 64,000 pivot level. BTC cleared the USD 65,500 resistance and it might rise further above USD 66,000. It is currently (11:55 UTC) showing positive signs and it might remain supported above USD 64,000.
Besides, most major altcoins are also rising. ETH reclaimed USD 4,700 and it might rise further towards USD 4,800. XRP is gaining pace and it could clear the USD 1.280 resistance. ADA is eyeing a clear break above the USD 2.05 resistance.
Total market capitalization
After a minor downside correction, bitcoin price started a fresh increase above the USD 65,000 resistance. BTC broke the USD 65,500 resistance level. It is showing positive signs and it might rise further above USD 66,000. An initial hurdle above USD 66,000 is near the USD 66,500 level. The next key resistance is near USD 68,000, above which the price might rise towards the USD 69,500 level.
On the downside, an initial support is near the USD 65,200 level. The next key support is near the USD 64,500 level, below which the price might extend losses towards the USD 64,000 support.
“Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity. As Bitcoin exchange balance is at a 3 year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand – the right conditions for the price to soar,” Mikkel Morch, Executive Director & Risk Management at crypto/digital assets hedge fund ARK36, wrote in an emailed comment to Cryptonews.com.
According to him, given these circumstances, the USD 70,000 price tag “seems imminent.” However, volatility is also estimated to pick up.
“Investors should therefore brace themselves for an exciting month with strong upward momentum yet not without temporary corrections and sudden drops to retest the support,” Morch added.
Also, per the Executive Director, the fact that the demand for BTC remains high despite last week’s Fed announcement signaling the intention to start tapering shows just how much confidence investors now have in BTC as a long-term investment and store of value.
Ethereum price is gaining pace above the USD 4,650 level. ETH could continue to rise above the USD 4,750 level. The next major resistance is near USD 4,800. A close above USD 4,800 may perhaps open the doors for a move towards USD 5,000.
An initial support on the downside is near the USD 4,675 level. The next key support is near USD 4,650 below which the price might test USD 4,580.
ADA, BNB, SOL, SHIB, and XRP price
Cardano (ADA) is consolidating above the USD 2.00 level. It seems to be facing resistance near the USD 2.05 level. The next key hurdle is near USD 2.12, above which the price could rise towards the USD 2.20 level.
Binance coin (BNB) is stable and trading well above the USD 620 support level. An initial resistance is near the USD 650 level. A close above USD 650 could spark a fresh rally and the price might rise towards the USD 680 level.
Solana (SOL) is struggling to settle above the USD 250 resistance. SOL could start a fresh increase if there is a clear break above USD 250 and USD 255. The next major resistance is near the USD 275 level.
SHIB trimmed losses and climbed above the USD 0.0000520 level. The price even surpassed the USD 0.000055 level. The next key resistance is near the USD 0.000058 level, above which the price could revisit the USD 0.000060 level.
XRP price is gaining pace above the USD 1.25 level. The bulls are now facing resistance near USD 1.275 and USD 1.280. A break above USD 1.280 could lift the price towards the USD 1.30 level.
Other altcoins market today
Many altcoins are up over 5%, including LRC, KCS, CRO, AVAX, ICP, KDA, OKB, BTG, DOGE, BTCB, HBAR, WBTC, and DASH. Out of these, LRC rallied by 17% and surpassed the USD 1.55 level. Meanwhile, DOGE is up by almost 8%, trading above USD 0.283 and trimming all its weekly losses. The price is now up by 1% in a week.
To sum up, bitcoin is rising steadily above USD 65,000. A close above USD 66,000 could lift the market sentiment and the price might rise towards USD 68,000.