Bitcoin price is consolidating below the USD 58,500 resistance level and is currently (12:30 PM UTC) showing a few positive signs. A successful daily close above USD 58,000 could open the doors for a steady increase.
Besides, most major altcoins are showing signs of more possible gains. ETH is trading above USD 2,000 and it might soon surpass USD 2,100. XRP/USD extended its rally and it even broke the USD 0.700 level.
Total market capitalization
There were mostly range moves in bitcoin price above the USD 57,000 support. On the upside, BTC is facing resistance near USD 58,000. If there is a daily close above USD 58,000, the price might accelerate higher. The next key resistance is near USD 58,500, above which the bulls might aim for USD 60,000.
On the downside, the USD 57,000 level is a major support. If there is a clear break below USD 57,000, the price might dive towards USD 55,500.
Ethereum price is holding gains above the USD 2,000 level. If ETH clears the USD 2,080 resistance, there are chances of a decent increase above USD 2,100. The next major resistance is near the USD 2,150 level.
On the downside, the USD 2,000 level is a major support. If there is a downside break below USD 2,000, the price might decline towards USD 1,920.
BNB, ADA, litecoin, and XRP price
Binance Coin (BNB) is up over 5% and it broke the USD 350 and USD 355 resistance levels. BNB is now trading above USD 360 and it might continue higher towards the USD 372 and USD 380. The main resistance is now near the USD 400 level.
Cardano (ADA) seems to be forming a base near the USD 0.180 level. On the upside, the price is still facing a major barrier near the USD 1.200 and USD 1.220 resistance levels. A successful break above USD 1.220 might pump the price towards the USD 1.300 level.
Litecoin (LTC) might grind higher as long as it is above the USD 200 and USD 195 resistance levels. The first key resistance is near the USD 225 level, above which the price could possibly test USD 245. Conversely, the price might decline if there is a daily close below USD 195.
XRP price is gaining bullish momentum and it even broke the USD 0.700 level. It traded to a new multi-week high near USD 0.726 and it is now consolidating gains. On the upside, the next key resistance sits near the USD 0.754 level.
Other altcoins market today
Many altcoins climbed over 10%, including WRX, BTT, STX, SC, DENT, FLOW, OMG, TRX, VGX, MIOTA, DGB, XLM, ENJ, ZIL, and HOT. Out of these, WRX rallied 90% and it surpassed the USD 5.00 level.
To sum up, bitcoin price is trading above USD 57,000. However, BTC must clear USD 58,000 and then gain pace above USD 58,500 to start a fresh rally in the near term.