The price of Bitcoin is now steady. At about $58,500, Bitcoin rebounded and is now doing much better. All those that were a bit nervous can now take a breath because bitcoin is in fact, back above USD 60,000. It is also strengthening. It’s worth keeping in mind that a close over USD 61,200 would most likely influence the price to hit the USD 62,500 resistance zone.
Most popular altcoins are bullishly thriving. Ethereum just shattered the USD 4,300 level and is currently up by 5%. XRP is also on the up, gaining momentum above the USD 1.12 resistance. ADA is also leveling up towards the USD 2.00 resistance level. Let’s take a closer look at each
Bitcoin declined quite sharply but steadied at around the USD 58,500 mark. Thereafter it corrected upwards and began to trade at over USD 60,000. There is a possibility that the Bitcoin price may falter at the USD 61,000 mark. It is possible that a close over USD 61,000 might lead the price to the USD 62,500 resistance zone. As usual, only time can truly tell. Conversely, there is initial support near the USD 60,200 level, followed by the key support on the USD 60,000 level. Below this level, there is a possibility of the price of Bitcoin beginning a new decline.
If you invested in Ethereum, you will be pleased to note that the price stayed stiffly above the USD 4,000 and 4,050 levels. This stability has led to an increase of the cryptocurrency above the USD 4,250 resistance level. Having surpassed the USD 4,300 level, Ethereum is now trading around this mark. Initial support is around the USD 4,250 mark, if on the downside – with key support at the USD 4,180 level.
BNB was at the USD550 support level, a base has been formed and now the price is on an upward swing. There is the possibility of the price surpassing USD 600 if BNB experiences an upside break. However, it is also possible that there may be a downward turn around the USD 565 support level.
ADA has, for now, recovered over the USD 1.88 and USD 1.90 resistance levels. If the price continues to climb, ADA currency holders may decide to sell around the USD 1.92 and USD 1.95 levels. The USD 2.00 mark is now the main resistance level.
SOL is on an upward climb and is now comfortably trading around the USD 220 level. Its next resistance level it will face is the USD 225 level. If SOL’s price moves above this level, it may make herald a further increase in price towards the USD 235 mark.
Unlike a number of the other cryptocurrencies, SHIB is still recovering but experiencing resistance around the USD 0.000050 level. There is the possibility that an upside break may help the price go higher. If it does, the subsequent key resistance is around the USD 0.0000525 level. If SHIB reach this level, then the price may move towards the USD 0.000055 mark.
KDA, IMX, KCS, AVAX, UMA, WAXP, YFI, AUDIO, CRO, MATIC and MINA are all among the many altcoins that are now over 8% on the markets. Leading the pack is CRO at 46%, surpassing the USD 0.55 level. IOTX and LRC are down at around 10%.
In conclusion, bitcoin price is currently steady whilst likely to to strengthen over the USD 60,000 level. In the possibility that bitcoin rises above the USD 61,000 level, it could go upwards to the 62,500 resistance level. A few other cryptocurrencies’ prices are on an upward trend too such as Ethereum and BNB.
02 Feb 2023
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