Bitcoin Inches Towards USD 50K, Ethereum and Altcoins Extend Rally

The price of Bitcoin rallied slightly above the resistance levels of USD 42,000 and USD 45,000. BTC also spiked past USD 47,000 and traded around USD 47,500 to a fresh all-time high. It is currently consolidating gains and could begin to grow to USD 48,500 and USD 50,000.

Similarly, their rally was expanded by several other big altcoins. ETH/USD traded around USD 1,775 to a fresh all-time high and gains could be continued. XRP/USD is up over 15 percent and the USD 0.500 resistance is approaching.

Bitcoin values soared over USD 5,000 following a clear break over USD 42,000. The USD 45,000 and USD 46,000 levels were also cleared by BTC. Before beginning the consolidation process, it traded around USD 47,500. The price stays high, and chances of further upsides over USD 48,000 seem to remain. Near USD 50,000 may be the next big resistance on the upside.
The initial downside support is around the level of USD 46,200. The first big support is USD 45,500, below which the price could start an extended correction to the downside.

In the meantime, some observers say that the purchase of USD 1.5bn by Tesla in BTC may have pushed cryptocurrencies onto the worldwide corporate treasurer agenda.

Ethereum price also gained bullish momentum above the USD 1,700 level. ETH spiked above USD 1,750 and traded to a new all-time high near USD 1,775. It is struggling to gain pace above USD 1,775. If there is a close above USD 1,775, the bulls might test USD 1,850 or even USD 1,900.
If there is a downside correction, the USD 1,700 zone is a decent support. The next major support is now forming near the USD 1,650 level.

Cardano (ADA) remained stable above USD 0.650 and its rally was increased above USD 0.700. ADA traded as high as USD 0.725 and gains are being corrected. The initial support is near the level of USD 0.672. Currently, the main support is around USD 0.650, below which there is a chance of a greater decrease. The USD 0.725 mark is a short term resistance on the upside.

XRP value is gaining momentum above the resistance of USD 0.450. The market also cleared the amount of USD 0.465 and it could step towards the resistance levels of USD 0.492 and USD 0.500. Any further progress could set the pace in the near term for a drive towards the USD 0.550 mark.

Sourcecryptonews