Friday, June 2, 2023
HomeBitcoin NewsBitcoin Consolidates, Altcoins Show Mixed Results

Bitcoin Consolidates, Altcoins Show Mixed Results

Bitcoin price retested the USD 10,000 support zone, but the bears failed to gain strength. BTC remained well bid above USD 10,000 and it is currently (08:30 UTC) moving higher. Having said that, the price must settle above USD 10,400 and USD 10,500 to start a steady recovery wave.

Similarly, most major altcoins are showing a few recovery signs, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, TRX, and ADA. ETH/USD traded above the USD 340 resistance, but the bulls are facing an uphill task near the USD 350 resistance. XRP/USD is up close to 2% and it seems like there are chances of more upsides above USD 0.242 and USD 0.244.

Total market capitalization

Bitcoin price

Recently, the bears made another attempt to push bitcoin price below the USD 10,000 and USD 9,850 support levels. However, they failed to gain strength below USD 10,000, resulting in a recovery wave. BTC climbed above USD 10,200 and USD 10,300. On the upside, the USD 10,400 and USD 10,500 resistance levels hold the key for more gains.
On the downside, the USD 10,000 support is a crucial support, below which the price might continue lower towards USD 9,500.

Ethereum price

Ethereum price is up over USD 30 from the USD 310 swing low. ETH is trading above USD 340 and facing a resistance near USD 350. A successful close above USD 350 might increase chances of an upward move above the USD 360 resistance.
On the downside, the USD 335 level is a decent support, below which the price might revisit the USD 310 support zone in the coming sessions.

Bitcoin cash, chainlink and XRP price

Bitcoin cash price is holding the USD 220 support level and currently rising towards the USD 230 resistance. The first major resistance is near USD 235, above which the price might accelerate higher towards the USD 250 level. Conversely, a downside break below USD 220 could increase selling pressure and the price might slide towards USD 205.
Chainlink (LINK) gained bullish momentum from the USD 10.00 pivot level and it settled above the USD 12.00 level. The price is currently consolidating and the bulls seem to be eyeing a clear break above the USD 13.00 resistance level for the next upward move. The next key resistance is near the USD 14.20 level.
XRP price is recovering and trading above the USD 0.235 resistance. If there is a successful follow-up move above USD 0.242 and USD 0.244, the bulls might gain strength. On the other hand, the price might resume its decline below the USD 0.235 and USD 0.232 support levels in the near term.

Other altcoins market today

In the past three sessions, a few small altcoins gained over 5%, including IOST, EGLD, STX, TRX, UMA, DASH, VET, ZEC, NEO, ZIL, COMP, BSV, EWT, ADA, and MIOTA. Conversely, HYN, YFII, AMPL, and CVT are down more than 5%.

Overall, bitcoin is holding the key USD 10,000 support and showing a few positive signs. Having said that, BTC must surpass the USD 10,400 and USD 10,500 resistance levels to start a steady recovery in the coming sessions.

Find the best price to buy/sell cryptocurrency:


Most Popular