The price of Bitcoin surpassed $19,000 on November 24, reaching $19,299 on Binance. As BTC rallied, major alternative cryptocurrencies, including Ethereum and XRP, fell sharply.Whether the trend of profits from altcoins cycling into Bitcoin would continue in the near term remains to be seen. One variable could prevent a broader altcoin market downturn, and that is the $20,000 resistance.How Ethereum and XRP could see a resurgence of momentum in the near termBitcoin exceeded the $19,000 level and is now moving closer to an all-time high near $20,000.But, until the $20,000 level gets breached, it would serve as a major resistance area. Hence, that could mean that a price range could form between $19,000 and $20,000.If Bitcoin shows signs of consolidation between the two levels, it could allow altcoins to gain momentum. Ethereum and XRP fell rapidly when BTC initially rallied but has since recovered.XRP, for instance, fell from $0.72 to $0.567, recording a 20% drop within several hours. Albeit Ethereum saw a smaller pullback, it saw a similar price movement as XRP.
“And there’s the test of $625~ on $ETH If things go accordingly, 1-2 day consolidation before marking up to ~$750-800 in which I expect to be the top. $BTC probably rinses ATHs as well.”