Yesterday, we saw a sharp rise in bitcoin price above the USD 12,500 and USD 13,000 resistance levels. BTC even spiked towards USD 13,250 before starting a downside correction. The price is currently (05:00 UTC) consolidating gains, with many supports such as USD 12,800 and USD 12,650.
Also, most major altcoins rallied and followed a strong bullish path, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH/USD surged above the USD 400 resistance and tested the USD 420 zone. XRP/USD started a downside correction from well above USD 0.260, but it might find support near USD 0.255.
Total market capitalization
After a strong rally above USD 13,000, bitcoin price faced sellers near USD 13,250. BTC started a downside correction, but it remained well bid above the USD 12,700 and USD 12,650 levels. It seems like the bulls could make another attempt to settle the price above USD 13,000. If they succeed, the price could even surge above USD 13,250.
On the downside, an initial support is near the USD 12,800 level. The main support seems to be forming near the USD 12,650 level.
Ethereum price climbed higher sharply after there was a clear break above the USD 385 resistance. ETH rallied and surged above the USD 400 barrier. It tested the USD 420 resistance and recently corrected a few points. It is approaching the USD 410 support level, below which the bulls might defend USD 400.
On the upside, the USD 418 and USD 420 levels are important hurdles. A clear break above USD 420 might open the doors for a larger increase towards USD 435 in the near term.
Bitcoin cash, chainlink and XRP price
Bitcoin cash price extended its rally above the USD 265 and USD 270 levels. BCH tested the USD 275 zone before starting a downside correction. The price is now trading below USD 270, but it is finding a strong buying interest near USD 265. The next major support below USD 265 is near the USD 255 level.
Chainlink (LINK) gained over 12% and it broke many hurdles near USD 11.00 and USD 11.40. The price even surged above USD 12.00 and tested the USD 12.40 region. It is currently correcting lower below USD 12.00. An immediate support is near the USD 11.95 level, but the first major support is near the USD 11.80 level.
XRP price extended its rise above the USD 0.260 and USD 0.262 resistance levels. A high was formed near USD 0.264 before the price started a downside correction. It traded below USD 0.260 and it seems like the bears are aiming for a test of the key USD 0.255 support level in the near term.
Other altcoins market today
In the past few hours, many altcoins climbed over 8%, including EWT, AMPL, LINK, AAVE, CEL, NXM, SNX, QNT, VET, AR, and AVAX. Out of these, EWT gained 15% and it broke the USD 7.25 resistance level.
Overall, bitcoin price is showing positive signs above USD 12,800 and USD 12,650. In the short-term, there could be range moves, but the bulls might protect losses in BTC below USD 12,500 in the coming sessions.