The cryptocurrency market on June 9, according to Cryptonew, showed signs of recovery and increasing. Bitcoin price has formed a base above the $31,000 and $32,000 levels. BTC has started a nice rally above the $33,500 resistance. Currently (12:14 PM UTC) trades above $34,000 and a breakout above $35,000 is possible.
Similarly, most of the major altcoins are recovering higher. ETH has been trading above the $2,450 resistance and climbed above $2,500. XRP/USD is consolidating above $0.85 and trying to head towards $0.90.
Cryptocurrency market June 9- Bitcoin price
After a protracted decline, bitcoin price found support near the $31,000 region. BTC has started a good rally and it has risen above $32,500, following news that BTC will officially become legal tender in El Salvador. The bulls were able to push the price above the $35,000 level. The price is currently showing some positive signs, but there are still key hurdles near the $35,500 level.
On the downside, initial support is near the $34,000 level. The next key support is near the $33,500 level, below which a slide to $32,000 is possible.
Cryptocurrency Market June 9- Ethereum Price
Ethereum price is also recovering from the $2,300 region. ETH broke the $2,450 resistance and it even moved above $2,500. The main resistance is near the $2,550 level, above which the price could move into the positive zone.
Otherwise, the price might start to drop below the $2,450 support. The next key support is near the $2,380 level.
Crypto Market June 9- BNB, LTC, DOGE and XRP Prices
Binance Coin (BNB) started a fresh rise from the $320 support. BNB accelerated and it climbed above the $350 level. The first major resistance is near the $365 level, above which it can test the $380 resistance. On the downside, the $335 level is a good support.
Litecoin (LTC) remains steady above $150 and it is inching higher. The immediate resistance is near the $165 level. A clear break above $165 could set up a pace to test $180. Conversely, the price could retest the $140 support.
Dogecoin (DOGE) is forming a base above the $0.318 and $0.320 levels. Initial resistance is near the $0.335 level. The first major resistance is near $0.350, above which a rally to $0.400 is possible.
XRP price is consolidating above the $0.850 support area. The price is currently showing a few positive signs, but it is facing multiple hurdles near $0.880 and $0.900. On the other hand, the price is likely to remain steady near $0.820.
Cryptocurrency Market June 9- Other Altcoin Market
Many altcoins have gained more than 5%, including BTG, SOL, AMP, ALGO, TFUEL, HNT, TEL, DGB, KSM, THETA, COMP, ZRX and CRV. Of these, AMP has increased by nearly 29% and surpassed the $0.05 level. Meanwhile, ICP, CEL and LEO fell 6%-12%.
All in all, the bitcoin price is recovering and surpassing $35,000. If BTC breaks above $35,500, it could gain stronger bullish momentum.
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