- Bitcoin (BTC) has been predicted to break away from the current market trend to hit a new all-time high; failure to move could see the asset decline to $100k.
- Ethereum (ETH) and XRP are also expected to stage a rebound after stabilising above crucial support levels.
Bitcoin (BTC), Ethereum (ETH), and XRP are currently hovering above key support levels as uncertainties rise among investors. According to our market data, the total crypto market cap has declined to $3.35 trillion from the $3.39 trillion highlighted in our earlier post. However, technical charts and market indicators show mixed sentiment, with analysts anticipating a possible rebound.
Bitcoin (BTC) Price Analysis
Bitcoin has managed to print gains across all the trading sessions, rising by 1.2% in the last 24 hours, 2.3% in the last seven days, 21% in the last 30 days, and 9% in the last 90 days. According to market data, Bitcoin is currently trading at $106k. While this appears to be a marginal surge from its daily low of $104k, it also marks a similar decline from the daily high of $108k.
Looking at Bitcoin’s Relative Strength Index (BTC), we found a reading of 71, above the overbought territory of 70. While this represents a bullish momentum, it also indicates that there could be a pullback.
Above all, indecisiveness is growing among traders as the Moving Average Convergence Divergence (MACD) coils together. As indicated in our recent analysis, Bitcoin could make a huge surge to a new all-time high price if it breaches the $108k level. Failure to do so could force a decline to the $100k level.
Ethereum (ETH) Price Analysis
Ethereum (ETH) is attempting a rebound after declining by 2.6% in the last seven days. Currently, the asset trades at $2.5k, with a market cap of $305 billion. With an RSI reading of 69, ETH is almost entering the overbought zone, signalling a bullish momentum.
However, analysts have cautioned that the price could take a pullback from this level. Breaking below the $2,400 support level could see ETH trading at $2000. Holding above the 200-day EMA could also see the price reversing into $2,800 and subsequently to $3000, as noted in our earlier post. In a recent update, CNF also highlighted that ETH could hit $4000 by the end of the year.
XRP Price Analysis
XRP has made a quick comeback to $2.34 after retesting its 50-day EMA at $2.28 on Saturday. According to our market data, the asset has surged by 0.14% in the last 24 hours, but has declined by 10% in the last seven days.
Currently, its RSI chart reads 52, indicating a weakening momentum. Also, the MACD indicator shows a bearish signal with analysts anticipating a price drop to below $2, as also highlighted in our previous article. Once bulls seize control, XRP could surge to $2.7 in the short term.
Meanwhile, the asset has also been predicted to rise by 5x from the current level, a move that could be triggered by the potential approval of the XRP ETFs, as discussed earlier.
