Bitcoin Rallies Above USD 56K while Ethereum & Altcoins Consolidate

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After a close above USD 55,000, bitcoin price extended its increase. BTC broke the USD 56,000 resistance to move further into a positive zone. The price is trading in a positive zone and it could accelerate higher above the USD 56,500 level. The next key resistance is near USD 57,200, above which the price might rise towards the USD 58,000 level.

On the downside, an immediate support is near the USD 56,000 level. The first key support is near the USD 55,500 level, below which there are chances of a drop towards the USD 54,000 level.

Ethereum price jumped above the USD 3,600 level before there was a downside correction. ETH is now consolidating near the USD 3,500 level. On the downside, an initial support is near the USD 3,450 level. The next major support is near USD 3,420, below which the price might move down towards the USD 3,350 support.

If there is a fresh increase, the price might face resistance near the USD 3,550 level. The main resistance is now near USD 3,600, above which the price might test USD 3,680.

Cardano (ADA) settled above the USD 2.20 level. However, the bulls are struggling to clear the USD 2.30 and USD 2.32 levels. If they succeed, the price could rise towards the USD 2.50 level. Any more gains could set the pace for a larger increase towards USD 2.65.

Litecoin (LTC) is stable near the USD 180 level. The price is showing positive signs, but the USD 188 level is a major hurdle. If there is a clear break above USD 188, the price could rise towards the USD 200 level. Conversely, the price might dip towards the USD 172 support level.

Dogecoin (DOGE) traded close to the USD 0.250 resistance before correcting lower. The price is now consolidating near USD 0.232, and it might make another attempt to clear the USD 0.250 resistance. The next major resistance is near the USD 0.265 level.

XRP price cleared the USD 1.10 resistance level and it even spiked above USD 1.20. The price is now consolidating above USD 1.15, with a major hurdle near the USD 1.20 level. A close above USD 1.20 could set the pace for a larger increase.

A few altcoins are up over 5%, including STX, DYDX, ONE, MDX, DCR, AR, and MIOTA. Out of these, STX rallied over 19% and it broke the USD 2.15 level.

Overall, bitcoin price is showing positive signs above the USD 55,000 level. If BTC clears the USD 57,200 level, it could even rise towards the USD 60,000 level in the near term.

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