The price of bitcoin is currently fluctuating above the USD 20,000 mark after yesterday’s recovery from the USD 19,500 region. As of right now (03:53 UTC), it is encountering resistance near USD 20,500 and is consolidating near USD 20,200. BTC has increased by 2% today and decreased by almost 6% this week.
The majority of significant altcoins are also attempting a recovery wave. Above the USD 1,500 and USD 1,520 levels, ETH was able to recover. Above the USD 0.32 support, XRP is robust. The USD 0.45 area is where ADA is encountering resistance.
Bitcoin Market Update
The price of bitcoin began an upward correction after establishing a base above the USD 19,500 region. BTC even crossed the USD 20,200 mark, but the USD 20,400 and USD 20,500 levels saw some activity from the bears. A definite move above the USD 20,500 region could raise the price even more. Near USD 20,800 is the next significant resistance; if it is overcome, the price may test USD 21,200.
An initial support for the downside is currently located close to the USD 20,000 mark. Near the USD 19,500 region is the next important support, below which the price may test the USD 18,800 level.
Ethereum Market Price Update
The price of ethereum began to rise steadily above the USD 1,480 area and was able to surpass USD 1,520. Even though ETH spiked above the USD 1,550 resistance, nothing happened after that. ETH is up 6% in a day and down more than 5% in a week as it trades near USD 1,540. Near the USD 1,580 mark is the next significant resistance; if this level is broken, the price may rise toward the USD 1,650 resistance region.
On the downside, temporary support is currently forming close to the $1,500 mark. The price may test the USD 1,420 level if it falls below USD 1,450, the next significant support.
FLOW AND LDO LEADS ALTCOINS
Numerous alternative coins, including DOT, MATIC, SHIB, TRX, UNI, ETC, FTT, LINK, NEAR, LDO, FLOW, ICP, and SAND, are rising in value. The top two performers among the top 100 coins by market capitalization today are FLOW and LDO, which increased by 11% and 13% daily, respectively. While LDO reached USD 1.85, FLOW is currently trading near USD 1.94, trimming its recent gains. Both coins have lost more than 10% in the past week.
Overall, the price of bitcoin began to rise after crossing USD 20,000. In the near future, BTC might find it difficult to move above the USD 20,500 resistance area.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.