Bitcoin could rally after weeks of being in the red. Today, it has stayed above the $24,000 support level. The crypto had even hit the $25,000 mark before retreating and could go higher.
The other altcoins also showing signs of an upward trajectory are ADA, which could touch the 0.60 resistance level, XRP, which could try to go past the $0.388 level, and Ethereum, which is consolidating after exceeding the $ 2,000 level.
Bitcoin And Ethereum Prices
At first, Bitcoin passed the $24,200 level and broke through the resistance zone at $24,500. Eventually, it hit the $25,000 resistance area. Currently, the crypto is aiming at positions over the $25,200 mark. However, it is facing resistance at around $25,800. At the time of writing, the price was $24,633.90, down from $24,700. Once it breaks this resistance, it might move up to $26,000.
Presently, the support levels are $24,500 and $24,650. If the price dips below these points, a downward correction could begin.
On the other hand, the Ethereum price has gained momentum and is targeting a level past the $1,950 mark. Recently, the crypto penetrated the resistance of $2,000 and rose into the green zone. The nearest resistance levels are around $2,040, followed by $2,080 and $2,120. The support levels are at $1,920 and $1,950, beyond which the price might plummet rapidly.
Bitcoin and Ethereum are not the only cryptos determined to rally this week. Solana (SOL) broke the $45.50 resistance and rested above it. At the moment, it is trying to break the $48 resistance. If it succeeds in penetrating that resistance, the price could move towards the level of $50.
Cardano (ADA) cleared the $0.55 resistance, and it’s currently consolidating around the $0.57 zone. On the other hand, DOGE broke the $0.080 resistance after it rose by 8%. The crypto is experiencing resistance around the $332 point. If it clears the resistance, it might rally upwards.
BNB price is sitting around the $325 mark due to the resistance it’s experiencing around that zone. The next resistance it will face is around the $332 mark. If it breaks it, it might begin moving upwards firmly. XRP was unable to break the $0.388 resistance. Currently, it’s undergoing consolidation and could try to clear the resistance and aim for the $0.40 level.
Several other altcoins signal bullish signs, including CEL, HOT, SHIB, GALA, MANA, GMT, WAVES, and LEO.
Why Are The Cryptos Recovering?
Spectator index explains that the bullish trends result from the cryptos attempting to recover from the latest market crash. Even though Bitcoin tested the $25,000 level, the price is still far below the $69,000 price it had hit in November last year.
The crypto market declined in May and June when Federal Reserve increased interest rates, and there were fears about increasing inflation which triggered investors to dispose of risky cryptos. Due to the failure of critical tokens, various crypto companies laid off employees, and some crypto lenders prevented customers from withdrawing.