Bitcoin’s price has remained strong, holding above the $64,500 support zone. After forming a base, it has started to increase once again and is currently trading above the $66,300 level, showing a 2% increase. The next target for Bitcoin is to break through the resistance at $68,250. The overall crypto market capitalization has also seen an increase of 1.87% from the previous day, reaching $2.43 trillion.
Meanwhile, other major altcoins are also attempting to recover from their losses of the previous week. Ethereum (ETH) found support near $2,900 and has managed to bounce back above $3,200. XRP is also looking to break out above the $0.55 resistance zone, while ADA remains stuck near the $0.53 level. Solana has seen a significant increase of almost 5%, with its price currently at $154.46. Other altcoins such as Pepe Coin, NEAR Protocol, and SEI have seen gains of over 10% in the last 24 hours.
Taking a closer look at Bitcoin’s price, it initially found support near $59,650 after a sharp decline. The hourly chart indicates that the bulls have successfully defended the $60,000 support zone on multiple occasions. This has led to a steady recovery wave, pushing the price above the $64,000 level. The next hurdle for Bitcoin is the resistance near $66,500, followed by a major resistance at $68,250. If it manages to surpass this level, the price could potentially reach the $70,600 zone.
On the downside, the initial support for Bitcoin is near $64,550, with the next major support at $60,000. A drop below this level could push the price down to $52,500.
Turning to Ethereum, it initially fell below the $3,000 support zone but quickly saw a rebound as the bulls became active. The price of ETH has started to increase again and has surpassed both the $3,120 and $3,220 levels. The next resistance level for Ethereum is near $3,250, with a major resistance at $3,620. If it manages to break through this level, the price could potentially reach the $3,700 resistance.
On the downside, the initial support for Ethereum is near $3,100, followed by a major support at $3,020. A drop below this level could signal a bearish momentum for the price.
It’s important to note that the views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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