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Market situation: Bitcoin’s chance to return above $20,000

وضعیت بازار: شانس بیت کوین برای بازگشت به بالای ۲۰هزار دلار

Bitcoin price is slowly rising above the $19,500 level. $20,000 serves as a key price resistance, and if buyers manage to break through this level, the conditions will be in place for Bitcoin’s continued growth.

To Report Crypto News, many altcoins in the market, like Bitcoin, are eyeing to form a new and continuous upward trend. Ethereum can provide these conditions by crossing $1,350 and Ripple is looking for an opportunity to reach the $0.48 resistance. The $0.435 level also acts as the main resistance facing Cardano.

Bitcoin price analysis

Bitcoin has started a fresh rally after retesting the $19,000 level. In this way, the price managed to cross the resistances of $19,200, $19,300 and $19,500 and passed the 50-hour simple moving average (MA 50 – purple line in the picture).

The price is currently facing a tough resistance at the $20,000 level, and if it can continue to overcome this key level with strength, the upward momentum of the price will increase.

Market situation: Bitcoin's chance to return above $20,000
Bitcoin price chart (click on the image to view the original size).

In case of a bearish market, the nearest support for Bitcoin will be the level of $19,300, after which the price may drop to $19,000 and then $18,500.

Ethereum price analysis

Ethereum above the $1,265 level has established a price base and started a new uptrend. In this way, Ethereum buyers managed to cross the $1,300 resistance, the $1,320 level and the 50-hour simple moving average.

If the upward trend continues, the price faces a major resistance at $1,350, and if it manages to pass this level, Ethereum’s upward momentum will increase.

Market situation: Bitcoin's chance to return above $20,000
Ethereum price chart (click on the image to view the original size).

On the other hand, if the market trends down, the closest support in front of Ethereum will be the level of $1,305 and the 50-hour simple moving average, after which it will be the turn of $1,265. The loss of this resistance will probably increase the downward momentum of the price.

Altcoins price analysis

Cardano is currently hovering above $0.42 and not far from the key $0.435 level. If the price continues to break through this key resistance, it will open the way for the price to jump to $0.45 and then $0.48.

Binance Coin is now oscillating with a slight difference above the level of $285, and in its growth path, it first faces resistance at $292. The next key resistance is $292 and crossing it could lead to BNB jumping to $300.

Solana has increased by more than 4% in the last 24 hours and is now trading at a price higher than $33. If the upward trend continues, the price can increase to $35.

Dogecoin is now hovering above 0.060, and the price could reach $0.062 with a modest growth. After that, the price may grow up to $0.0642.

Ripple is currently hovering above $0.45 and the closest resistance it faces is the $0.465 level. Crossing this resistance could push XRP price up to $0.50.

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