Current Market View: What is the latest situation with Bitcoin (BTC) and Altcoins?


While the leading cryptocurrency Bitcoin (BTC) has been trading below $40,000 for some time, as of last day it started a sudden rise and rose above the $40,000 level.

With this rise in bitcoin, many altcoins have also turned their direction upwards. Here is the latest status and current levels in Bitcoin and altcoins.

Bitcoin (BTC)

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is showing positive signs above $39,500. However, BTC needs to exceed $40,250 to continue growing in the near future.

The leading cryptocurrency Bitcoin has started a new wave of recovery above the $38,500 resistance level and has overcome the $39,250 and $39,500 resistance levels to enter positive territory.

The bitcoin price, on the other hand, is currently trading above the $40,000 resistance and the 100-hour simple moving average.

On the other hand, the first resistance is near the $40,000 level, and the next key resistance may be near the $40,250 area. Consequently, a close above the $40,250 level could open the doors for reasonable growth. In the stated case, the price may even surpass the resistance of $ 40,800.

However, if Bitcoin fails to overcome the $40,250 resistance zone, it may start a new decline. In this case, it is possible to fall to the level of $ 39,750, which is the first support on the lower side.

The next major support is near the trend line at $39,580. A clear break below the support of the trend line and the $39,500 level may open the door for a new decline. In this case, the price may drop again to the level of $39,000. Any new losses may require checking the $38,400 support level.

The Latest Altcoin Situation

This increase in the price of bitcoin has also lifted Ethereum, the second largest cryptocurrency. So much so that the leading altcoin ETH, trading below the $2,900 level, reached almost $3,000 in a day.

Ethereum started a new uptrend with the growth of BTC and managed to rise to the level of $ 2,973.

According to CoinMarketCap, at the time of writing the content, Ethereum (ETH) continues to trade at $2,928 with an increase of 1.58% over the past 24 hours.

When we look at other cryptocurrencies in the top 10, the situation looks like this;

Binance Coin (BNB) continues to trade at $405, which is 4.06% more in the last 24 hours, Solana (SOL) has increased by 0.63% to $98 in the last 24 hours, Ripple (XRP) has increased by 0.20% in the last 24 hours. It dropped 0.64% to $0.64, Terra (LUNA) dropped 0.40% to $88 in the last 24 hours, Cardano (ADA) rose 0.35% to $0.84 in the last 24 hours, and Dogecoin (DOGE) fell 0.87% to $0.1375 in the last 24 hours.