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The price of bitcoin has remained well offered near the USD 15,800 level and has recently recovered over USD 16,000. BTC has even climbed above USD 16,200, but currently (13:00 UTC) it is struggling to break out of the USD 16,350 resistance level. The main obstacle to a broader rally is now near the USD 16,500 level.
Additionally, there has been a decent wave of recovery in most major altcoins, including ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash, and ADA. ETH / USD is trading above USD 450 but is facing hurdles near USD 455 and USD 460. XRP / USD is showing positive signals and is trading above the USD 0.272 level. Additionally, there was a sharp rise in litecoin, as it rose above USD 67.50, surpassing the top 40 coins by market cap.
Total market capitalization
Bitcoin price
There has been a decent rise in the price of bitcoin from the USD 15,800 support. BTC traded above USD 16,000 and USD 16,200. However, the bulls need to gain strength for a push above the USD 16,350 level. The main breakout zone is located near USD 16,500, above which the price could accelerate upwards towards the USD 17,000 level.
On the downside, the price could find offers near the USD 16,000 level. Support for the key breakdown is now forming near the USD 15,800 level.
Ethereum price
Ethereum price rallied after testing USD 440 support. ETH is back above USD 450, with an immediate hurdle at USD 455. The first key resistance is near the USD 460 level, above which the price could revisit the USD 478 high.
If there is a further dip below the USD 450 support level, the price could possibly retest the USD 440 support level in the near term.
Bitcoin cash, chainlink and XRP price
The bitcoin cash price is slowly rising and is approaching the USD 250 resistance level. If BCH settles above USD 250, it could start a new rise towards the USD 260 and USD 265 levels. Conversely, the price could retreat to the downside and revisit the USD 240 support level.
Chainlink (LINK) found strong support at USD 12.00 and is currently recovering higher. An initial resistance is near the USD 12.50 level. The main resistance is near the USD 12.80 and USD 13.00 levels. In the short term, it appears that there may be range moves between USD 12.00 and USD 13.00 in the next few sessions.
The XRP price was well supported above the USD 0.265 level. The price is now trading above the USD 0.272 resistance level and may continue to rise. The next major resistance is near USD 0.275, above which the bulls may aim for a break above the USD 0.280 level. On the negative side, there are many key supports near USD 0.270 and USD 0.265.
More altcoin markets today
In the past few hours, many altcoins have gained over 5%, including WAVES, RUNE, SUSHI, CRV, LTC, SOL, AVAX, NXM, DASH and RSR.
To sum it up, the price of bitcoin is showing positive signs above the USD 16,200 level. However, BTC needs to break through the USD 16,350 and USD 16,500 levels to continue rising.
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