Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Bulls Run Out of Options At $33,000
- Bitcoin price falls to make headway above $32,000 as declines linger.
- Twitter CEO Jack Dorsey believes that Bitcoin is the currency of the internet.
- Ethereum price firmly holds support ahead of an upswing to $2,200 and $2,400.
- Ripple corrects from $0.6, but bulls focus on ushering in the weekend with gains eyeing $0.7.
The recoveries that sprouted across the market in the last 48 hours seem to be dwindling. The flagship cryptocurrency could not make it above $33,000, correcting to $32,000, while Ethereum appears to have settled above $2,000, following a 3.7% growth in 24 hours. Similarly, Ripple price is slightly in the green but lacks the power to hold above $0.6.
Meanwhile, the CEO of Twitter, Jack Dorsey, showered Bitcoin with many praises during the second-quarter 2021 earnings conference call on Thursday. According to Dorsey, Bitcoin is the "best candidate" to become the "native currency" of the internet. He explained:
"If the internet has a native currency, a global currency, we are able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar, and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach."
Bitcoin Retreats Jeopardizing Support At $32,000
Although Dorsey publicly spoke well of Bitcoin to the extent of saying that it will be an integral part of Twitter, the bellwether cryptocurrency keeps struggling with the uptrend. Recovery failed to break above $33,000, thwarting the hope of seeing Bitcoin trade above $34,000 before the week comes to an end.
In the meantime, Bitcoin is trading around $32,000, putting support at $32,000 in jeopardy. Note that another daily close under $32,000 may trigger another round of losses below $30,000.
If the bullish technical picture continues to fade, the Moving Average Convergence Divergence (MACD) indicator will present a sell signal. This call to sell BTC will manifest as the 12-day EMA crossed beneath the 26-day EMA. The bearish outlook will become vivid as the MACD moves below the mean line (0.00).
BTC/USD four-hour chart
Ethereum Price Uptrend To Continue If Crucial Support Holds
Ethereum managed to hold above $2,000 despite the brawl with the bears on Thursday. The gigantic smart contract token trades around $2,050 at the time of writing while bulls fight to a chance to lift above $2,200.
The prevailing trend is in the hands of the bulls, according to the MACD's sustained buy signal since July 21. Besides, holding above the support at $2,000 will ensure that stability prevails in the market, and the bulls' attention remains on lifting Ether to highs above $2,200 and $2,400, respectively.
ETH/USD four-hour chart
Ripple Price Eyes Retest Of Key Support Resuming Uptrend
The cryptocurrency market has been a beehive of activities this week, starting with a massive selloff, whereby Ripple dropped to $0.52. A trend reversal followed soon after, and XRP briefly stepped above $0.6.
Amid the mid-week recovery, Elon Musk, Jack Dorsey, and other key industry leaders met at the B Conference, explaining the importance of cryptocurrency to the world. However, Ripple struggled with the uptrend, resulting in a correction under $0.6.
At the time of writing, the cross-border money transfer token trades around $0.59, while the 50 SMA limits its upside on the four-hour chart. On the downside, XRP looks poised to retest the descending parallel channel's upper edge (now support) before bulls launch another attack mission for gains significantly above $0.6.
XRP/USD four-hour chart
The MACD still has a buy signal that was presented on July 21. As long as this bullish outlook sustains, Ripple will gradually gain ground toward $0.7. For now, all attention is directed toward settling above $0.6.
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