Bitcoin formed a crucial low near USD 6,000 and recovered sharply. The price is up more than 20% and is currently approaching the USD 8,000 level.
Ethereum, Ripple, Bitcoin Cash and other major altcoins also rebounded sharply and gained more than 20%. It seems like the market is green again and is showing positive signs from the recent lows.
The market rebound gained pace after the US market regulators took it easy on the cryptocurrency market. The Securities and Exchange Commission and the Commodity Futures Trading Commission called for legislation to bring crypto spot market and the exchange platforms under their jurisdiction.
The overall development was positive, triggering bullish moves in BTC/USD and altcoins. BTC/USD jumped from the USD 6,000 low and traded above the USD 7,000 and USD 7,200 resistance levels.
At the moment, bitcoin price is trading around the USD 8,000 level and is struggling to surpass strong sell offers near the mentioned level. There could be a minor pullback in the short term back towards the USD 7,200 support level. Having said that, the current market sentiment is positive and if BTC/USD moves above USD 8,000, it could continue to accelerate higher.
Ethereum also followed the green trajectory and moved up roughly 21% to USD 804. During the upside move, ETH/USD broke a few important resistance levels such as USD 720 and 750. It has cleared the path for Ether buyers to gain traction toward the USD 850 level.
On the upside, resistances are at USD 820, 850 and 860. Should the price correct lower from the current levels, it could find bids near the USD 760 and USD 720 level.
The third largest cryptocurrency ripple rose by 15% and traded above the USD 0.7500 level. XRP/USD is facing a major resistance on the upside near USD 0.8000 and USD 0.8500. It won’t be easy for buyers to push the price above USD 0.8500. On the downside, supports are at USD 0.7200 and USD 0.6800.
In the other altcoins arena, NEO/USD was the best performer since it moved up by more than 40% to trade above USD 110. It is currently trading near USD 113 and it could test the USD 120 level.
LTC/USD gained 22% and formed a major low around USD 100. The pair is trading above the USD 145 level and it looks set for further upsides.