- JP Morgan analysts predict Bitcoin to crash further below $1,260.
- The market turns red and Bitcoin, Ethereum and Ripple’s XRP defend key support levels.
The cryptocurrency market is still bleeding even as this week’s trading comes to an end. The European trading hours have witnessed a sudden slight dip as the market is turned in a sea of red. However, according to the data on CoinMarketCap, the market value has remained stable above $119 billion since Monday 21. Bitcoin is still the market leader with a dominance of 52.5% and a market capitalization of $62 billion.
Bitcoin price technical picture
As reported in an earlier published piece, Analysts from the leading investment bank in the U.S., JP Morgan have predicted that Bitcoin could slump below $1,260 unless a reversal from the current bear trend occurs. Bitcoin is trading at $3,551 at press time and is below both the 50-day Simple Moving Average (SMA) and the 100-day SMA. The slight dip appears to have found support from the steadily rising trendline. Besides the Relative Strength Index (RSI) has revamped the trend upwards to mark the reversal as the bulls rush in to take their position.
BTC/USD 1-hour chart
Ethereum price technical picture
Ethereum is still range-bound between the resistance at $118 and the support at $116. The bulls overpowered the bears yesterday to record gains after ETH/USD had slipped to lows close to $115. Although they made it above the Simple Moving Averages, the momentum slowed down as they hit a snag at $118. The bears took over the mantle and sent the crypto below the trendline support. ETH/USD is currently trading at $116.50 after the buyers defended the support at $116. The RSI that had dived into the oversold is now retreating. However, the Moving Average Convergence Divergence (MACD) is locked in the negative region to show that the selling pressure is still present and we could still see declines in the short-term.
ETH/USD 15’ chart
Ripple’s XRP price technical picture
Ripple’s XRP lock-step trading has not been able to escape the ranging channel resistance since the week started. Acute seller concentration keeps intimidating the bulls at $0.3250. However, the buyers have drawn a line in the sand with declines not allowed to go beyond $0.31. Meanwhile, XRP is trading at $0.3171 and is below both the 50-Day SMA and the 100-Day SMA. An ongoing bullish momentum could pull the price above $0.32 but buyers should expect a battle at $0.3250.
XRP/USD 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The circulating supply of ALT, WLD and ID will see a hike next week, with over $200 million unlocks in sight. All tokens involved in upcoming unlocks are up in the past 24 hours. ALT will see the highest unlock share, with $115 million worth of new tokens entering circulation.
Why these altcoins may not rise despite Ethereum ETF impact
Altcoins market cap against Ethereum has been on a multi-year decline. Ethereum has outperformed several altcoins despite wider market assumptions that they provide leveraged exposure to its price. 2x long ETH could yield better results than purchasing altcoins ahead of the Ethereum ETF launch, said analyst.
Institutions anticipate potential Tuesday Ethereum ETF launch after making strategic moves
Grayscale lowered its Ethereum Mini Trust fees to 0.15% in a bid to reduce potential outflows from ETHE when ETH ETFs go live. Galaxy Digital increased its staked Ethereum assets to $3.3 billion after acquiring CryptoManufaktur, reveals CoinDesk.
Binance to begin investing customer fiat funds in US Treasuries
Binance received court approval on Friday, allowing it to invest certain customers' fiat funds in US Treasury bills. Following the announcement, the BNB token saw a 5% rise as crypto community members debated the potential impact of this approval on Ethena's USDe token.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.