Bitcoin Shows Resilience, Eyes $65,000 Milestone

Vaseline3 weeks ago

0 4 minutes read

Bitcoin Shows Resilience, Eyes ,000 Milestone

Bitcoin price is rising from the key psychological level of $62,000, following a rally ahead.
Ethereum price breaks and closes above its resistance barrier, signaling a bullish move on the horizon.
Ripple price is holding above its support level at $0.544, suggesting a continuation of an uptrend.

Bitcoin (BTC) and Ripple (XRP) stabilized around key support levels and positioning for potential rallies. At the same time, Ethereum (ETH) broke through its resistance barrier, signaling bullish momentum on the horizon.

Bitcoin gains momentum, targets $65,000

Bitcoin broke above the uptrend line and 100-day exponential moving average at $61,000 on September 18. It rose 3% over the next four days and found support around its key psychological level of $62,000. At the time of writing on Monday, it continues to trade above the $63,800 level.

If the $62,000 psychological support continues to hold, BTC could continue its upward move and retest the daily resistance level at $65,379.

The MACD (Moving Average Convergence Divergence) indicator further supports Bitcoin’s rise, signaling a bullish crossover on the daily chart. The MACD line (blue line) has moved above the signal line (yellow line), giving a buy signal. It shows rising green histogram bars above the neutral zero line, also suggesting that Bitcoin price may experience an upward push.

Moreover, the relative strength index (RSI) on the daily chart shows that Bitcoin is not yet overbought as it is trading at 63, but it is close to the overbought level of 70. If it enters the zone at the close, traders will be informed. not add to their long positions, although the rally may continue. If it goes into overbought and then breaks back to the neutral 50 level, it will be a sign of a deeper correction.

BTC/USDT Daily Chart

However, if Bitcoin fails to find support around $62,000 and fails to close below the September 17 low of $57,610, it could extend the 3% decline to retest daily support around $56,000.

Ethereum is preparing for a rally after breaking the resistance barrier

Ethereum price broke above the downtrend line and closed above the daily resistance level at $2,461 on Friday. Since Monday, it has continued to rise, trading at $2,681.

If $2,461 holds as support, ETH could continue its rally and retest the August 24 high of $2,820.

The MACD indicator further supports the rise of Ethereum, signaling a bullish crossover on the daily chart. The MACD line has moved above the signal line, giving a buy signal. It shows rising green histogram bars above the neutral zero line, also suggesting that Ethereum price may experience an upward push.

Additionally, the RSI indicator is trading at 61, above its neutral level of 50, and is pointing to the upside. A cross to levels above 60 indicates bullish momentum is gaining traction.

ETH/USDT Daily Chart

On the other hand, if Ethereum closes below the daily support level of $2,461, it could fall further to retest the September 6 low of $2,152.

Ripple price is stabilizing above support, suggesting a continuation of the upward momentum

Ripple price has stabilized above the daily support level of $0.544 over the course of a week. This daily level roughly coincides with the 200-day EMA at $0.552, making it a key support area. Since Monday, it has been trading around $0.589.

If the 200-day EMA and daily support around $0.544 remain as support, XRP could continue its uptrend and retest its daily resistance level at $0.626.

The MACD indicator further supports Ripple’s rally, signaling a bullish crossover on the daily chart. The MACD line has moved above the signal line, giving a buy signal. It shows rising green histogram bars above the zero neutral line, also suggesting that Ripple price may experience an upward push.

Additionally, the RSI indicator is trading at 56, above its neutral level of 50. A move above 60 levels would indicate that bullish momentum is gaining ground.

XRP/USDT Daily Chart

However, the bullish outlook would be invalidated if Ripple’s daily candlestick closes below the daily support level of $0.544 and breaks below the uptrend line. In such a case, XRP would fall 7.5% to retest the September 6 low of $0.502.

Frequently asked questions about Bitcoin, altcoins, stablecoins

Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any person, group or entity, which eliminates the need for third parties to participate during financial transactions.

Altcoins are any cryptocurrency other than Bitcoin, but some consider Ethereum a non-altcoin because it is from these two cryptocurrencies that the fork occurs. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and therefore an “improved” version of it.

Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset they represent. To achieve this, the value of any stablecoin is tied to a commodity or financial instrument, such as the US dollar (USD), with its supply regulated by an algorithm or demand. The main purpose of stablecoins is to provide an on/off ramp for investors who want to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value, as cryptocurrencies in general are subject to volatility.

Bitcoin dominance is the ratio of Bitcoin’s market cap to the total market cap of all cryptocurrencies combined. It provides a clear picture of Bitcoin interest among investors. A high dominance of BTC usually occurs before and during a bull run, where investors resort to investing in relatively stable and high market capitalization cryptocurrencies such as Bitcoin. A decline in BTC dominance usually means that investors move their capital and/or profits to altcoins in search of higher returns, which usually triggers a burst of altcoin rallies.

Vaseline3 weeks ago

0 4 minutes read