Bitcoin Price Rebounds to USD 8.5K, Altcoins Start Corrective Increase
After a downside extension below USD 8,000 and USD 7,800, bitcoin price found support above USD 7,600. As a result, BTC/USD started an upside correction above the USD 8,000 and USD 8,250 resistance levels. The price gained nearly 8% and tested the USD 8,500 resistance area. Similarly, there was a solid recovery in many major altcoins, including ethereum, ripple, EOS, bitcoin cash, litecoin, binance coin, tron and stellar. ETH/USD climbed above USD 175 and tested the USD 185 resistance. XRP/USD also recovered above USD 0.250 and tested the USD 0.262 resistance area. Clearly, the crypto market corrected losses, but there are still many hurdles for bitcoin near USD 8,500 and USD 8,700.
Total market capitalization
There was a solid recovery in bitcoin price above the USD 8,250 resistance. BTC/USD even broke the USD 8,400 resistance and tested the USD 8,500 resistance. The price is currently (08:00 UTC) correcting gains and is trading near the USD 8,400 level. On the downside, there is a decent support forming near USD 8,200 and USD 8,150.
On the upside, a break above the USD 8,500 resistance could push the price towards the next resistance area at USD 8,700. Conversely, a break below USD 8,150 might push the price towards USD 8,000 or even USD 7,850.
Ethereum price managed to pop above the USD 175 and USD 180 resistance levels. However, ETH/USD struggled to clear the main USD 185 resistance area (the last breakdown support area).
On the downside, the previous resistances near USD 178 and USD 175 might provide support. If there is a downside break below USD 175, the price could resume its decline towards the USD 150 support in the near term.
Bitcoin cash, eos and XRP price
Bitcoin cash price climbed above the USD 220 and USD 225 resistance levels. BCH/USD gained nearly 7% and it tested the USD 235 resistance. If there is a fresh decline in the short term, the USD 220 level might provide support. On the upside, a clear break above USD 235 may perhaps push the price to USD 250.
EOS rallied above USD 2.800 and USD 2.900. The price surged more than 10% and broke the USD 3.000 resistance area. If there is a downside correction, the USD 2.900 and USD 2.800 levels are likely to provide support. On the upside, the next key resistance is near USD 3.150 and USD 3.200.
XRP price climbed above the USD 0.245 and USD 0.250 resistance levels. XRP/USD even broke USD 0.260 and tested the USD 0.262 resistance. The price is currently consolidating above the USD 0.250 support.
Other altcoins market today
In the past three sessions, many small cap altcoins recovered more than 10%, including XZC, HEDG, ATOM, ALGO, CRPT, ICX, DOGE, NEO, TRX, ETN and BAT. Out of these, XZC is up around 22% and HEDG gained nearly 16%.
Overall, bitcoin price is correcting this past week’s losses and is trading above USD 8,250. Having said that, BTC/USD must break the USD 8,500 resistance area to continue higher towards USD 8,700 or even USD 9,000 in the coming sessions.