The Crypto Market Shows Strength, Rebounding to a Crucial Level
The crypto market showed strength and bounced back to a crucial level over the weekend after recording an almost 1% surge in total valuation to $2.97 trillion. According to our market data, Bitcoin (BTC), Ethereum (ETH), and XRP are aiming for another breakout as momentum continues to build while the Fear and Greed Index reaches neutral territory at 51.
Bitcoin (BTC) Price Analysis
Bitcoin was trading at $94.8k at press time after facing rejection at the March high of $95.7k. On its 24-hour and weekly price chart, the asset has printed 0.6% and 8% gains, respectively, overturning the bearish trend of four out of five key major trading sessions. Bitcoin’s bullish momentum is, interestingly, supported by the daily trading volume, which has recorded a 19% surge to $20.8 billion.
Technically, the Relative Strength Index (RSI) of Bitcoin currently reads 65. While this is a sign of a fading bullish momentum, it also indicates that there is more upside potential before it reaches the overbought territory at 70. According to analysts, Bitcoin could hit $97k once it decisively breaches the $95k level. Failure to do so could force the asset into a sharp nosedive.
Commenting on this, analyst Samson Mow estimated that Bitcoin could hit $1 million this year. As detailed in our previous publication, he believes that multiple catalysts, including institutional adoption, could fuel this.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has been able to successfully hold above the $1,800 level from its 24-hour low of $1,755. On its daily and weekly charts, the asset has recorded a 0.25% decline and a 10% surge, respectively. In line with this, its trading volume has also risen by 9%, with $11.8 billion changing hands.
Looking at its position on the RSI chart, we found that ETH had a neutral sentiment with a reading of 50. Compared to its position some days ago, its bullish momentum seems to be fading, with a possibility of plunging below $1,700. According to analysts, failure to hold could see ETH declining further to $1,449. However, if it manages to break above the crucial psychological level at $1,861, ETH could extend its run to $2000.
As recently explored in our news brief, ETH’s potential upsurge could be triggered by three key indicators – wallet activities, developer activities, and bullish technical signals.
XRP Price Analysis
As previously mentioned in our analysis, XRP continues to trade above its 200-day Exponential Moving Average at $1.98. At press time, the asset was trading at $2.3, surging by 6% in the last 24 hours and 9.5% in the last seven days.
Analysts believe that XRP has shown enough resilience and the ability to overpower available headwinds to enter into the $2.5 zone and, subsequently, $3.0.
The RSI of XRP sits above the neutral zone, reading at 57. According to analysts, a decline to below the 50 territory could see the price plunge below $2.0 to its next support level of $1.96.