Bitcoin price has remained resilient, holding above the $64,500 support level. After establishing a strong base, BTC has started a new upward move, surpassing the $66,000 mark. Currently, it is trading above $66,300, marking a 2% increase and setting its sights on the $68,250 resistance level. The overall cryptocurrency market capitalization stands at $2.43 trillion, reflecting a 1.87% increase from the previous day.
Similarly, most major altcoins are attempting to recover from the losses incurred in the previous week. Ethereum (ETH) found support around $2,900 and has managed to regain ground above $3,200. XRP is showing signs of a bullish breakout above the $0.55 resistance zone. Cardano (ADA) is struggling to break free from the $0.53 level, while Solana has seen a nearly 5% surge, reaching a price of $154.46. Pepe Coin, NEAR Protocol, and SEI have all experienced gains of over 10% in the last 24 hours.
Taking a closer look at the Bitcoin price, it is evident from the hourly chart that the bulls have successfully defended the $60,000 support level on multiple occasions. Following a sharp decline, BTC initiated a steady recovery wave, surpassing the $64,000 level. The current challenge lies in overcoming the resistance near $66,500. If this hurdle is cleared, the next significant resistance is expected at $68,250, potentially paving the way for a revisit to the $70,600 zone. On the downside, initial support is found around $64,550, with a major support level at $60,000. Further downside movement could lead to a drop to $52,500.
Turning to Ethereum, the price initially dipped below the $3,000 support zone but quickly rebounded as the bulls took charge. ETH embarked on a new upward move, surpassing both the $3,120 and $3,220 levels. Currently, it faces resistance near $3,250, with the next significant hurdle at $3,620. A successful breach of this level could propel the price towards the $3,700 resistance. On the downside, the initial support level is around $3,100, followed by a major support level at $3,020.
It is essential to note that the opinions and views expressed in this article, whether by the author or any individuals mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies always carries a risk of financial loss.
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