- Bitcoin bulls fight to settle above $60,000, where they could plan the mission of attack to highs beyond $62,000.
- Ethereum secures support at $2,100 and the 50 SMA on the four-hour chart.
- Ripple risks falling to $1.2 or $1 based on the RSI’s negative divergence.
The bull run in the market has slowed down for most crypto assets, including Bitcoin. The largest cryptocurrency struggles to sustain the uptrend above $60,000. On the upside, price action beyond $62,000 could trigger massive buy orders as BTC eyes levels beyond $70,000 due to the fear of missing out (FOMO).
Ripple and Binance Coin led the bullish action last week, whereby BNB hit highs close to $600 while XRP brushed shoulders with $1.5. Ethereum has not been left behind, following the upswing beyond $2,000. Other digital assets performing relatively well include Uniswap (up 12%), Monero (up 11%), Huobi Token (up 11.4%), and Pancakeswap (up 10%).
Bitcoin Pivotal at $60,000
Bitcoin has left many investors waiting with baited breathe for a real break above $60,000 and price action toward $70,000. Meanwhile, bulls appear to be striving to secure support above $60,000. Overhead pressure at the all-time high near $62,000 keeps leaving buyers without many options,
In the meantime, the least resistance path seems downward, based on the Relative Strength Index (RSI) on the four-hour chart. The indicator tried but failed to cross into the overbought region. Meanwhile, the RSI is dropping toward the midline, thus adding credibility to the bearish outlook. If Bitcoin closes the day under $60,000, losses may be triggered, forcing buyers to seek refuge at $56,000.
BTC/USD Four-Hour Chart
On the flip side, price action above $60,000 will encourage buyers to join the market. Investors will also prefer holding longer while institutional buyers such as Grayscale and MicroStategy increase their stakes in the flagship cryptocurrency.
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Ethereum Holds Onto Key Support After Trading New All-Time High
Ether hit another historical record by rising to $2,200. However, trading beyond this level became unstainable, directing bulls toward finding higher support. Ethereum trades at $2,150 at the time of writing. This is in the wake of a bounce from the crucial short-term support at $2,100.
The 50 Simple Moving Average (SMA) on the four-hour chart also contributes to making the support mentioned above stronger. Ether bulls must focus on gains beyond $2,000, which are likely to trigger more buy orders. The next rendezvous for the bulls is $2,500 and later $2,700 before the pioneer smart contract token rallies to $3,000.
ETH/USD Four-Hour Chart
Ethereum could end up in massive losses if the support at $2,100, and by extension, the 50 SMA breaks. Further down, the buyer congestion at $2,000 will prevent losses from exploring downstream toward $1,800.
Read More: Will Ethereum Reach $3000?
Ripple Uptrend Could Lose Traction
Ripple has been on an upward roll since the beginning of last week. As discussed earlier, the uptrend came into the picture after a series of court winnings against the United States Securities and Exchange Commission (SEC). Investors seem to have flipped massively bullish for XRP amid spiking speculation.
At the time of writing, Ripple exchanges hands at $1.36 following a retreat from $1.5. XRP’s technical outlook hints at the correction lasting longer. The RSI has also reinforced the bearish action, especially with the negative divergence. If support at $1.3 is not protected, we can expect declines to progress to $1.2 and $1, respectively.
XRP/USD Four-Hour Chart
On the upside, it is essential to keep in mind that the rally toward $2 would occur if Ripple bulls cemented support at $1.3. As speculation rises, price action above $1.5 could have a ripple effect as FOMO grips the community.
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