Bitcoin Tests USD 50,000, Ethereum and Altcoins Extend Gains

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After forming a base above USD 47,500, bitcoin price started a fresh increase. BTC was able to clear key hurdles near USD 49,500 and USD 50,000. It is now consolidating gains, with an immediate resistance near the USD 50,500 level. The first key resistance is near the USD 51,200 level, above which the price might rise towards the USD 52,000 level.

An immediate support on the downside is near the USD 49,200 level. The first key support is now forming near USD 48,500, below which the price might test USD 48,000.

Ethereum price is also rising and it broke the USD 3,350 resistance. ETH even cleared the USD 3,400 level, but it is facing hurdles near USD 3,440. The main resistance is still near the USD 3,480 and USD 3,500 levels, above which the price could accelerate higher.

If there is a downside correction, the price might find support near USD 3,380. The next major support is near USD 3,350, below which the price could extend its decline towards the USD 3,250 level.

Cardano (ADA) is still trading in a range above the USD 2.20 level. An immediate resistance is near USD 2.25. A clear break above USD 2.25 might increase the chances of a move above the USD 2.32 resistance. If not, the price might break the USD 2.20 support and move towards USD 2.12.

Litecoin (LTC) is gaining pace above USD 165. The price is trading above USD 170 and it seems like the bulls could attempt a break above the USD 175 resistance. If they succeed, the price may perhaps rise towards the USD 188 level. The next major resistance is USD 200.

Dogecoin (DOGE) gained over 11% and it is now trading above the USD 0.220 pivot level. An initial resistance is near the USD 0.242 level. The first key resistance is USD 0.250, above which the price might rise towards the USD 0.275 level.

XRP price is consolidating above the USD 1.00 and USD 1.02 support levels. It could soon attempt a fresh increase above the USD 1.08 resistance zone. If the bulls gain strength above USD 1.08, the price may possibly move towards the USD 1.20 level. On the downside, the bulls might remain active near the USD 1.00 support zone.

Many altcoins are up over 5%, including SHIB, KLAY, ICP, REN, MINA, ICX, TEL, AMP, VET, DCR, ZIL, WAVES, STX, and RUNE. Out of these, KLAY rallied almost 16% and it broke the USD 1.4 level, while SHIB extended its gains to USD 0.000014 and is now up by 57% in a day.

To sum up, bitcoin price is gaining pace and it broke a major hurdle near USD 50,000. If BTC settles above USD 50,000, it could rise towards the USD 52,000 level.

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