Bitcoin and Ethereum Spurt Higher, SAND and GALA Rally

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The price of Bitcoin has started an upward correction above $ 57,000. Ethereum climbed over 7%, XRP is still below $ 1.00. SAND and GALA are up over 23%.

The price of Bitcoin started a rally above the resistance of $ 56,500. BTC is up 6%, topped the $ 57,000 level and is currently in a consolidation (04:35 UTC). A close above the $ 58,000 level is required for further near-term gains.

Also, most of the major altcoins are increasing. ETH is up 7% and there has been a break above the $ 4,300 level. XRP is still struggling to break through the resistance of $ 1.00. The ADA climbed below $ 1.50 before correcting above $ 1.55.

Total market capitalization

Source: tradingview.com Bitcoin Price

After extending the losses, the price of bitcoin found support near the $ 53,500 level. BTC started a further rise and broke through the resistance of $ 55,000. BTC even broke through the resistance of $ 57,000 to enter a near term positive area. Price consolidates gains and may attempt further upside above resistance at $ 58,000. The next major resistance is near the $ 59,500 level.

On the downside, initial support is near the 56,500 level. Next major support is now forming near the $ 55,000 level.

Ethereum price

The price of Ethereum accelerated above the $ 4,200 and $ 4,250 levels. ETH even broke through the $ 4,300 level and is trading in a positive zone. The next key resistance is near $ 4,350, above which it may continue to accelerate.

If there is a downward correction, the price could find support near $ 4,250. The next major support is near $ 4,200, below which the price may fall further.

ADA, BNB, SOL, SHIB and XRP prices

Cardano (ADA) extended its decline and fell below the $ 1.50 level. It is now correcting losses and trading above $ 1.55. To continue rising, the price needs to break through the $ 1.65 level in the short term.

Binance coin (BNB) is up 5% and broke through the $ 585 level. The bulls even pushed the price above the $ 600 level and it may continue to rise. The next major hurdle is near the $ 620 level.

Solana (SOL) accelerated to break above the $ 190 level. It is up 7% and has even passed the $ 200 level. An immediate hurdle is near $ 212, above which the price may rise to the $ 225 level.

SHIB settled below the $ 0.000040 level. He even tested the $ 0.0000365 level before starting an upward correction. It needs to break through the $ 0.000040 level to continue rising. The next major resistance is near the $ 0.000042 level.

XRP price tested the $ 0.88 level before recovering losses. It is back above the resistance levels of $ 0.92 and $ 0.95. The next major resistance is near $ 1.00. A close above $ 1.00 could drive the price towards the $ 1.05 level. Otherwise, it could dip below the $ 0.92 level.

Other altcoins market today

Many altcoins rose over 10% including SAND, GALA, WAXP, MANA, LUNA, LRC, ENJ, KLAY, BORA, KSM, and DOT. Of these, SAND gained over 30% and broke the $ 7.7 level.

Overall, the price of bitcoin is increasing towards the 58,000 USD level. If BTC advances above $ 58,000, it could accelerate its gains to $ 60,000 in the short term.

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