Cryptocurrency market October 29, 2021 by cryptonew: Bitcoin price started a renewed rise above the resistance levels of USD 60,000 and USD 60,500. BTC has risen above $ 61,200. At 04:18 UTC, BTC encounters resistance near USD 62,000, above which a steady rise is possible.
Also, most of the big altcoins are gaining upward momentum. ETH rose 9% and even surged to over $ 4,400. XRP could test the $ 1.12 resistance area. ADA is currently consolidating above the $ 2.00 level.
After closing above $ 60,000, Bitcoin price continued to rebound. BTC was able to climb above the USD 60,500 and USD 61,200 resistance levels. Immediate resistance is near the $ 61,800 mark. The next major drag is at $ 62,000, above which the price could gain momentum.
On the flip side, initial support is near the $ 61,200 mark. Key support is currently forming near the $ 60,000 mark, below which bearish momentum could be gained.
Ethereum price started a strong rally above the $ 4,200 resistance. ETH surged 9% and even surged above $ 4,400, hitting a new all-time high of $ 4,416 (per coin checko) and correcting downward shortly afterwards. On the flip side, initial resistance is near the $ 4,400 mark. The next major resistance is at $ 4,440, above which the price can rise towards $ 4,550.
If there is a downward correction, the price could find bids near the $ 4,300 level. The first major support is near the USD 4,250 level.
Cardano (ADA) is back above the USD 2.00 support area. It is currently consolidating profits above the $ 2.00 level. Immediate resistance is near USD 2.05, above which a short-term rally to USD 2.20 is possible.
Binance Coin (BNB) accelerated above the $ 465 and $ 470 levels. It is currently trading above $ 490 and is approaching the resistance of $ 500. A close above $ 500 could push the price towards the $ 520 and $ 525 levels.
Solana (SOL) has rallied above the $ 195 and $ 200 levels. Price is consolidating gains and could begin to rebound towards $ 212. Any further gains could push the price towards USD 225 in the short term.
SHIB fell more than 20%, reducing most of the profit. It trades under $ 0.000065. Initial support is near the $ 0.000060 level. In the event of further losses, the price can drop to 0.00055 USD.
XRP price broke the USD 1.05 resistance. The price is currently rising to the $ 1.10 level. The key hurdle is at USD 1.12, above which the price can rise towards USD 1.20.
Many altcoins are up more than 10%, including MANA, DOGE, REV, AXS, FLOW, SCRT, KCS, CRO, FIL, BAT, CHZ, ENJ, and ZEC. From that, MANA rebounded more than 47%, breaking the $ 1.10 mark.
Overall, the Bitcoin price is rising above the $ 61,200 mark. However, BTC needs to level off above $ 62,000 to accelerate in the short term.
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