Crypto Market Recovers $15 Billion, Bitcoin Flirting With $7K
The total crypto market cap is currently correcting higher from the $170.0B support area.
Bitcoin price is up around $250 and it is now trading near the $7,000 resistance area.
EOS price jumped from the $2.350 support area and climbed above $2.500.
Ethereum price is showing positive signs above the $142 level.
BCH price bounced back and it is now trading above the $200 pivot level.
Tron (TRX) price is back above $0.0140 and it could soon revisit the $0.0144 resistance area.
Bitcoin (BTC) and the crypto market cap are currently correcting higher. Ethereum, ripple, BNB, BCH, litecoin and EOS are recovering, but facing many resistances.
Bitcoin Price Analysis
After a downside break below the $7,000 support, bitcoin price traded close to the main $6,500 support area (as per the medium term outlook). The bulls took a strong stand and the price recently started an upside correction.
BTC price is now trading above the $6,800 level and testing the $7,000 resistance area. If there are more gains, the price is likely to test the $7,120, $7,150 and $7,200 levels in the near term.
On the downside, an initial support is near the $6,880 level, below which the price is likely to retest the main $6,500-$6,600 support area in the near term. Any further losses may perhaps push the price towards the $6,400 level.
Looking at Ethereum, the price is now trading back above the $140.00 and $142.00 levels. However, ETH is facing a lot of resistance on the upside near the $146, $148 and $150 levels. On the downside, the main supports are near the $136 and $135 levels.
Similarly, ripple price is facing a lot of hurdles on the upside near the $0.2200 and $0.2220 levels. However, there are many positive signs emerging from the $0.2000 support area.
Looking at the total cryptocurrency market cap 4-hours chart, there was a steady decline below the $220.0B and $200.0B support levels. The crypto market cap even broke the $185.0B support and tested the $170.0B zone.
Crypto Market Cap
A low was formed near the $171.4B level and the market cap is currently correcting higher. It broke the $180.0B resistance to start the recovery. It is now trading near the $185.0B resistance area and a bearish trend line on the same chart. The main hurdles are near $190.0B, $194.0B and $200.0B.
Therefore, a clear break above the $194.00 and $200.0B levels is needed for more upsides in bitcoin, Ethereum, TRX, LTC, EOS, ripple, ADA, XLM, WTC, BCH, and IOTA in the near term.
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