Bitcoin price significantly cleared the $ 42,000 and $ 45,000 resistance levels. Bitcoin rose to over $ 47,000 and traded to a new all-time high of around $ 47,500. It is currently working (05:00 UTC) consolidating its gains and could continue to rise towards $ 48,500 and $ 50,000.
Likewise, most of the other major currencies extended their gains. The ETH / USD pair traded to a new all-time high around $ 1,775 and could extend gains. XRP / USD is up over 15% and is close to the $ 0.500 resistance level.
Total market value
After a clear breakout above $ 42,000, bitcoin rose over $ 5,000. Bitcoin has even liquidated 45,000 and 46,000 USD levels. It traded close to $ 47,500 USD before starting the consolidation phase. Rate remains high and there appears to be opportunities for further upside over $ 48,000. Next major resistance might be on the upside near $ 50,000.
Initial support is found on the downside near the $ 46,200 level. The first major support is at $ 45,500, below which the price may initiate an extended bearish correction.
Meanwhile, some analysts claim that Tesla’s purchase of $ 1.5 billion in bitcoin may have forced many companies and entities around the world to consider digital currencies in their investments.
“We see basic reasons for corporate crypto vault exposure and expect others to follow suit. We don’t think this is happening overnight, but we do believe there is much more room for corporate treasury penetration and we expect the trend to continue,” the strategists at Fundstrat Global Advisors wrote, according to Bloomberg. .
Ethereum price also gained upward momentum above the $ 1700 and $ 1750 levels and traded to an all-time high of around $ 1775. It is struggling to speed up over $ 1,775. If there is a close above $ 1775, the bears may test $ 1,850 or $ 1900.
If there is a downward correction, then the $ 1,700 area is a suitable support. The next major support is now forming near the USD 1650 level.
Cardano, Litecoin and Ripple price
Cardano (ADA) remained stable above $ 0.650 and continued rising above $ 0.700. The ADA traded higher at $ 0.725 and is correcting gains. Initial support is found near the $ 0.672 level. Key support is now near $ 0.650, and below there is a risk of a larger downside. On the upside, $ 0.725 is short-term resistance.
Litecoin (LTC) gained over 10% and rallied above the $ 155 and $ 165 resistance levels. Litecoin is now trading above the USD 170 and may rise further towards the USD 178 and 180 levels. If there is a downward correction, the bears may still be active near $ 165.
Ripple is gaining momentum above the $ 0.450 resistance. Even the price has crossed $ 0.465 and may move towards the resistance levels of $ 0.492 and $ 0.500. Any further gains could set the pace for the push towards $ 0.550 in the near term.
Other digital currency market today
Several cryptocurrencies are up over 20%, including BTT, LUNA, XVS, DGB, CAKE, MIOTA, EGLD, FIL, SOL, RUNE, BTCB, AVAX and TRX. Among these, BTT is up over 160% and LUNA surpasses the resistance at $ 5.00.
Overall, the bitcoin price is gaining bullish momentum above $ 46,000. There are chances for further gains in Bitcoin towards levels of 48,500 and 50,000 USD in the near term.