Bitcoin and Ethereum Approach Breakout Levels, Dips Turn Attractive
Bitcoin price managed to stay above the USD 54,000 support zone. BTC started a fresh recovery wave and it climbed above the USD 55,500 level. It is currently (12:30 PM UTC) showing a few positive signs, but it could face hurdles near USD 56,500.
Similarly, most major altcoins are attempting a fresh recovery. ETH is back above USD 2,150, but it could face resistance near USD 2,200. XRP/USD is rising and it might attempt a clear break above the USD 1.332 resistance zone.
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After testing the USD 53,500 zone, bitcoin price started a fresh upward move. BTC broke the USD 55,000 and USD 55,500 resistance levels. BTC is now consolidating near USD 56,000. The first key resistance is near the USD 56,500 level. The next major resistance is near USD 57,000, above which the price could rise to test USD 58,000.
On the downside, the USD 55,000 level is a decent support. The key breakdown support is now forming near the USD 54,000 level.