Bitcoin and Ethereum Spurt Higher, SAND and GALA Rally

• Bitcoin price started an upside correction above USD 57,000.
• Ethereum climbed over 7%, XRP is still below USD 1.00.
• SAND and GALA are up over 23%.

Bitcoin price started a recovery wave above the USD 56,500 resistance. BTC is up 6%, it broke the USD 57,000 level and is currently (04:35 UTC) consolidating. A close above the USD 58,000 level is needed for more upsides in the near term.

Besides, most major altcoins are moving higher. ETH is up 7% and there was a break above the USD 4,300 level. XRP is still struggling to clear the USD 1.00 resistance. ADA spiked below USD 1.50 before it corrected above USD 1.55.

Total market capitalization

Bitcoin price

After extending losses, bitcoin price found support near the USD 53,500 level. BTC started a fresh increase and cleared the USD 55,000 resistance. BTC even cleared the USD 57,000 resistance to move into a short-term positive zone. The price is consolidating gains and it might attempt more upsides above the USD 58,000 resistance. The next major resistance is near the USD 59,500 level.

On the downside, an initial support is near the 56,500 level. The next major support is now forming near the USD 55,000 level.

Ethereum price

Ethereum price gained pace for a move above the USD 4,200 and USD 4,250 levels. ETH even broke the USD 4,300 level and is trading in a positive zone. The next key resistance is near USD 4,350, above which it could continue to gain pace.

If there is a downside correction, the price might find support near USD 4,250. The next major support is near USD 4,200, below which the price could decline further.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) extended decline and spiked below the USD 1.50 level. It is now correcting losses and trading above USD 1.55. To continue higher, the price must clear the USD 1.65 level in the near term.

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

Solana (SOL) gained pace for a move above the USD 190 level. It is up 7% and even climbed above the USD 200 level. An immediate hurdle is near USD 212, above which the price could rise towards the USD 225 level.

SHIB settled below the USD 0.000040 level. It even tested the USD 0.0000365 level before it started an upside correction. It must clear the USD 0.000040 level to continue higher. The next major resistance is near the USD 0.000042 level.

XRP price tested the USD 0.88 level before recovering losses. It is back above the USD 0.92 and USD 0.95 resistance levels. The next major resistance is near USD 1.00. A close above USD 1.00 might lead the price towards the USD 1.05 level. If not, it could dive below the USD 0.92 level.

Other altcoins market today

Many altcoins are up over 10%, including SAND, GALA, WAXP, MANA, LUNA, LRC, ENJ, KLAY, BORA, KSM, and DOT. Out of these, SAND gained over 30% and surpassed the USD 7.7 level.

Overall, bitcoin price is moving higher towards the USD 58,000 level. If BTC gains pace above USD 58,000, it could accelerate gains towards USD 60,000 in the near term.