Bitcoin and Ethereum Rise, DOGE Corrects Gains on Twitter & Musk Deal
Bitcoin price found a strong buying interest after Tesla’s chief Elon Musk agreed to buy social media giant Twitter for USD 44bn. This deal is still subject to a shareholder vote, while some expect Musk will own the company in the coming days. In either case, BTC gained pace and was able to clear the USD 40,000 resistance. It is currently (04:54 UTC) inching higher above USD 40,500 and is up 3% in a day, and down less than 1% in a week.
Similarly, most major altcoins moved up. ETH was able to surpass USD 2,950 and is testing the USD 3,000 resistance level. XRP might gain pace if it settles above USD 0.70. ADA is struggling to recover above the USD 0.90 resistance zone.
Total market capitalization
After a downside extension below USD 38,500, bitcoin price found support. BTC started a steady increase above the USD 39,200 resistance. It was able to clear the USD 40,000 resistance zone. The bulls are now facing hurdles near USD 40,650 and USD 40,700. The next major resistance on the upside might be USD 41,200, above which the price may perhaps rally to USD 42,000.
If there is a downside correction, the price might test the USD 40,000 level. The next major support is near USD 39,500, below which the price might start a fresh decline.
Ethereum price also followed bitcoin and gained pace above the USD 2,920 resistance. ETH even briefly climbed above the USD 3,000 pivot level. Next, it might face resistance near USD 3,020 and USD 3,030. The next major resistance is near the USD 3,080 level. ETH is up 4% in a day and down 2% in a week.
On the downside, an initial support is near the USD 2,975 level. The next major support is near the USD 2,950 level, below which there is a risk of a sharper decline.
Cardano (ADA) extended its decline
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