Bitcoin price traded lower yesterday and tested an important support at USD 6,400. BTC/USD buyers protected further losses and later the price started a fresh upward move. Similarly, major altcoins like ethereum, ripple, bitcoin cash and litecoin tested key supports and later recovered nicely. The current market sentiment is stable, but bitcoin buyers need to push the price above the USD 6,650 resistance level to gain strength.
Total market capitalization
Yesterday, there was a sharp downside move below USD 6,500 in bitcoin price. BTC/USD traded towards the USD 6,400 support where buyers emerged. Later, the price started a fresh upward move and traded above the USD 6,500 and USD 6,550 resistance levels.
The price is currently (UTC 08:20 AM) up around 2% and is attempting an hourly close above the USD 6,600 resistance. Once there is a close above USD 6,600, the price is likely to clear the USD 6,650 resistance for a solid recovery towards the USD 6,700 and USD 6,800 resistance levels in the near term.
Ethereum price tested the USD 215 support level recently. ETH/USD formed a base near USD 215 and later corrected above the USD 220 resistance.
The price is up around 3% and is currently facing resistance near USD 225 — USD 230. Above USD 230, the price needs to surpass the key USD 235 resistance for more gains in the near term.
Bitcoin cash and ripple price
Bitcoin cash price stayed above the USD 500 handle and recovered a few points. BCH/USD is back above the USD 520 level, but it has to break the USD 540 and USD 550 resistance levels to move into a positive zone. The main supports on the downside are USD 510 and USD 500.
Ripple price recovered nicely and gained more than 4.5% to USD 0.542. XRP/USD is likely to surpass the USD 0.550 resistance to trade towards the USD 0.565 and USD 0.570 resistances.
Other altcoins market today
A few small cap altcoins gained traction recently, including NOAH, SC, ELA, AOA, GXS, MCO, PPT, XEM and LRC. Out of these NOAH rallied more than 20% and siacoin (SC) gained roughly 16%.
To sum up, the recent bounce in bitcoin is indicating positive signs above the USD 6,500 level. However, BTC/USD must break the USD 6,600 and USD 6,650 resistance levels to gain bullish momentum towards the USD 6,800 barrier. Similarly, ETH/USD should surpass the USD 230 and USD 235 resistances for a decent rally.
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