- Bitcoin price rebounds and steps above $31,000 while bulls gaze at lifting to $34,000 in the near term.
- Ethereum lifts toward $2,000 after closing the day above critical support at $1,730.
- Ripple price hits the supply barrier at $0.56 as losses back to $0.52 linger.
The cryptocurrency market appears to have started rewarding investors amid recoveries across the board. Some altcoins are in the lead, posting significant double-digit gains. For instance, Polygon (MATIC) rallied over 30% to trade at $0.85 after holding support at $0.62.
Other selected top gainers include Dogecoin (up 14%), Polkadot (up 13.7%), Solana (up 15%), Theta Network (up 18%) and Aave (up 13.7%).
Ethereum stepped above $1,900 in the wake of support at $1,730. Perhaps if the gigantic smart contract token holds above this level, recovery will stretch to $2,000. Similarly, Ripple has settled above $0.55, but the rest of the journey to $0.6 seems elusive.
Bitcoin As An Asset Class
JP Morgan has continued to embrace Bitcoin and cryptocurrency, mainly pushed by demand from the investment bank’s client base. According to the asset and wealth management director, Mary Callahan Erdoes, Bitcoin may not have fully developed as an asset class. Still, many of the firm’s clients consider it so. Erdoes proclaimed in an interview with Bloomberg:
“A lot of our clients say, ‘That’s an asset class, and I want to invest,’ and our job is to help them put their money where they want to invest.”
However, she added that debate as to whether Bitcoin should be considered an asset class is still on the table, with experts particularly concerned by the crypto market’s high volatility.
“It’s a very personal thing. We don’t have Bitcoin as an asset class per se,” but Erdoes continued to say, “The volatility you see in it today just has to play itself out.”
Bitcoin Price Recovery Remains Stays But Could Retreat
Bitcoin price appears to be looking for support above $31,000 after gaining ground from the dip early this week. The 50 Simple Moving Average (SMA) stands in the way of recovery but once shattered, the bullish leg may extend above $32,000.
Note that bulls are looking forward to gaining ground above $34,000, a move that will likely bolster Bitcoin to higher levels at $36,000 and $40,000.
On the flip side, Bitcoin will invalidate the uptrend in favor of another correction if support at $31,000 fails to hold. Note that earlier this week, Bitcoin traded close to $29,000. Hence, there is the possibility of the bearish leg extending further.
BTC/USD four-hour chart
Check Out: Bitcoin Price Prediction
Ethereum Price Gains Traction To $2,000
Ethereum recoiled from lows around $1,730 (primary support) as bulls took complete control of the price. Trading above $1,850 triggered more buy orders, catapulting Ether above $1,900. At the time of writing, Ethereum trades at $1,915 ahead of an expected run up to $2,000.
A buy signal from the Moving Average Convergence Divergence (MACD) adds credence to the bullish outlook following the presentation of a buy signal. Holding above the 50 SMA will also push Ether upward, closing the gap to $2,000.
ETH/USD four-hour chart
Ripple Price Struggles With Sustaining The Uptrend
Ripple held firmly to support at $0.52 following the worst selloff of July. Bearish calls discussed last week had predicted XRP trading as far as $0.45. However, recovery took precedence mid-week, whereby Ripple lifted to $0.56.
At the time of writing, Ripple trades around $0.55 after retreating from the barrier at $0.56. Although the MACD still has a bullish impulse, overhead pressure is giving buyers an uphill task.
XRP/USD four-hour chart
Realize that a daily close under $0.55 could lead to losses gaining traction. On the downside, the bearish leg could stretch back to $0.52 amid another hunt for formidable support.
Read Also: Ripple Trading Predictions