Bitcoin tries to rally, Ethereum, XRP and DOT outperform

bitcoin price held steady above $ 46,500 and started a new rally. BTC broke the $ 47,200 and $ 47,500 resistance levels. It is currently on the upside (11:56 UTC) and may attempt a breakout to the upside above $ 48,500.

Also, many of the major altcoins are constantly on the rise. ETH was up almost 3% and broke the $ 3,500 resistance. XRP gained around 5% and even tested the $ 1.20 zone. ADA is still facing resistance near $ 2.88 and $ 2.95.

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Bitcoin price

After testing the $ 46,500 support again, the bitcoin price started a new surge. BTC broke the resistance at $ 47,500 and if it stabilizes above $ 48,000, there could be an upside break above $ 48,500. In this scenario, the price could revisit the $ 50,000 resistance, otherwise BTC could fall within a range and trade below $ 47,200. next key support is near $ 47,000, below which the price could revisit $ 46,500.

“Despite recent highs, there could be more gains per bitcoin with data from Arcane Research suggesting that institutions are becoming bullish on the asset after its recovery in recent months. Bitcoin’s open interest with long positions reached an all-time high of $ 165.7 million, while short positions fell sharply to $ 74.1 million, indicating that institutions believe that the price of bitcoin still has margin. to increase. Crucial to this increase is a recovery in bitcoin trading volume that is declining, ‘Alexandra Clark, sales trader at UK-based digital asset broker. Global Block said in a statement.

Also Read Bitcoin (BTC) Attempts To Regain Crucial $ 44,000 Level

“Activity on the Ethereum chain is bullish, indicating that the second stage of the bull run is near. recent spike in NFT activity has resulted in an increase in the volume of active transactions and addresses on the Ethereum network, as well as a deflationary offering. Thanks to NFT activity, Ethereum fees and the amount of ETH burned have risen significantly, meaning that sometimes more ETH is burned than is issued. As a result, for the first time in history. Overall, Ethereum’s daily issuance fell below that of Bitcoin. After breaking above $ 3,400, a psychologically important level, Ethereum has a final resistance barrier at $ 4,078, where above 1.5 million addresses have bought Ether before it reaches a new all-time high, ‘according to Clark.

Ethereum Price

Ethereum price remains in an uptrend and broke the resistance at $ 3,450. ETH was up almost 3% and even broke the $ 3,500 resistance. It tested $ 3,550 and it looks like the bulls are aiming for higher. next stop for them could be $ 3,650. On the downside, an initial support is near the $ 3,500 level. next major support is now forming near the $ 3,450 level.

ADA, LTC, DOGE and XRP price

Cardano (ADA) is bullish and is again above the $ 2.80 level. Immediate resistance is near $ 2.85. main resistance on the breakout is still near $ 2.88 and $ 2.95. If there is a downward correction, the price may find support near the $ 2.65 level. Litecoin (LTC) is attempting an upside break above the $ 175 resistance. If the bulls are successful, the price could test the $ 185. next big hurdle for the bulls is near $ 188, above which the price could rally to the $ 200 level. On the downside, the $ 165 level is an important support. Dogecoin (DOGE) maintains gains above the $ 0.265 level. On the upside, it is facing resistance near $ 0.285 and $ 0.288. A close above $ 0.288 could increase the chances of a move above the $ 0.300 resistance. Otherwise, the price could correct to $ 0.265. XRP price was up 5% and broke the resistance at $ 1.20. price is now consolidating gains, with immediate support at $ 1.18. next big support now sits near $ 1.15. On the upside, a close above $ 1.20 could push the price towards the $ 1,220 and $ 1,235 levels.

Read also Bitcoin Mayor Eric Adams brings “City Coins” to New York

Another altcoin market today

Many altcoins made more than 5%, including MINA, FTT, OKB, VET, EGLD, DOT, UNI, AAVE, REV, RUNE, SUSHI, and YFI. Of these, the ITF gained more than 14% and approached the USD 55 level.

In short, the price of bitcoin could attempt a breakout above $ 48,500. If the bulls are successful, BTC could revisit the $ 50,000 resistance zone in the near term ._____

Find the best price to buy / sell cryptocurrencies:

png »alt =» Bitcoin tries to recover, Ethereum, XRP and DOT exceed 102 ″ class = »content-img» />

____ (Updated at 12:18 UTC with comments from Alexandra Clark).

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