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Highlights
- Bitcoin price sustains recovery, surges 3.6% to $57,045, but IOMAP highlights growing resistance toward $60,000.
- Ethereum price recovery slows under $2,500 despite the MACD flaunting a buy signal.
- Ripple price 18% rebound from $0.43 weekly low limited under the 20-day EMA in the four-hour timeframe.
Bitcoin (BTC) price is holding steady despite the cryptocurrency market being in an uncertain state. While BTC slowly recovers the losses, Ethereum (ETH) price and Ripple (XRP) price are showing more volatility. Investors can expect a large portion of the market to remain rangebound until the global outlook is stabilized.
Bitcoin Price Recovery Targets $60,000
Bitcoin price holds above a descending trend line from May as bulls seek support above $57,000. The resurgence of the Money Flow Index (MFI) into the neutral region affirms the growing interest in BTC price. With a daily close above $57,000, this Bitcoin price prediction opens the path for traders to expect a continued move toward the $60,000 psychological level.
Such a development could be a game changer for BTC as it could trigger a FOMO-driven rally to higher and more important key levels such as $70,000.
Due to the uncertainty in the market with no clear signals of when the Federal Reserve could effect the first rate cut, traders must prepare for another potential drop below $50,000.
Ethereum Price Struggles Under $2,500
Ethereum price made a sharp swing from the lowest weekly point of $2,111 but lost momentum at $2,555. According to a previous ETH price forecast, the 20-day EMA blocked the upside, resulting in the coin sliding under $2,500.
Traders will be looking for support above the previous day’s open at $2,455, but if this level fails to hold, another crash may follow, this time aiming for sub-$2,000.
Amidst all the uncertainty, traders should appreciate a buy signal sent by the Moving Average Convergence Divergence (MACD). This call to buy Ether implies that Ethereum is poised to recover, taking down resistance at $2,555 and clearing the course to $3,000.
Ripple Price Rally Encounters Challenges
Ripple price revived the uptrend after holding support at $0.43 to trade at $0.5165 during the American session. Traders had initially bought the dip, boosting the uptrend, but due to growing resistance at the 20-day EMA slightly below $0.52, a correction seems to be brewing.
A sustained break above $0.52 remains key to the resumption of the uptrend, with XRP price likely to extend the rally above $0.6. However, the build-up of selling pressure casts doubt on the strength of the uptrend. At the same time, it increases the chances of sweeping through $0.5 support and, if push comes to shove, down to $0.43.
Bullish traders will hang onto the idea of the buy signal from the MACD and the Relative Strength Index (RSI) rebound into neutral territory to keep their long positions active, thus betting on a larger breakout past $0.6.
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