Bitcoin Eyes Key Upside Break, Outperforms Ethereum, DOGE Rallies

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After a downside correction, bitcoin price found support above USD 46,500. BTC formed a base and started a fresh increase above USD 48,000. The price is now trading above the USD 49,000 level. The first key resistance is near the USD 49,650 level. The main hurdle is still near USD 50,000, above which the price could accelerate higher in the near term.

An immediate support on the downside is near the USD 48,500 level. The first key support is at USD 48,000, below which the price might revisit USD 47,000.

Ethereum price also followed a similar pattern and it found support near the USD 3,280 level. ETH is rising and it is back above the USD 3,350 level. On the upside, an initial resistance is near the USD 3,420 level. The next key resistance is now near the USD 3,480 and USD 3,500 levels, above which the bulls could gain strength.

If not, there is a risk of a fresh decline towards the USD 3,280 and USD 3,250 support levels. The next major support is near USD 3,150.

Cardano (ADA) is consolidating near the USD 2.20 level. An immediate hurdle for the bulls is near USD 2.25. However, the main breakout zone is USD 2.32. A close above USD 2.32 is a must for a stronger increase in the near term.

Litecoin (LTC) is rising and trading above USD 165. The first resistance is near the USD 175 level. A clear break above the USD 175 level could set the pace for a larger increase. In this case, the price could test the USD 188 level.

Dogecoin (DOGE) gained 12% and it was able to climb above the USD 0.220 resistance. It is now trading above USD 0.240 and facing hurdles near USD 0.250. Any more gains could set the pace for another increase towards the USD 0.275 level.

XRP price is still struggling to clear the USD 1.08 resistance zone. If XRP settles above USD 1.08, it could start a steady increase towards the USD 1.15 and USD 1.20 levels. Conversely, it might decline towards the USD 1.00 support level.

Many altcoins are up over 5%, including SHIB, ICX, KLAY, ICP, REN, FLOW, FIL, CRV, ONE, LUNA, RUNE, STX, DCR, and HBAR. Out of these, SBIH rallied over 57% and it might continue to rise above the USD 0.000013 level.

Overall, bitcoin price is showing positive signs above USD 48,500. If BTC breaks USD 50,000, it could accelerate higher in the near term.

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