- Bitcoin price attempts to break out of consolidation and retest the $30,000 psychological level again.
- Ethereum price could aim for $1,853 if bulls take control.
- Ripple price remains at a better position compared to BTC and ETH and could tag the $0.515 and $0.548 targets.
Bitcoin price remains ambiguous, with no clear directional bias. As a result, Ethereum (ETH), Ripple (XRP) and other altcoins are stuck consolidating. But things are likely to change quickly as BTC nears a breakout.
Read Bitcoin's big-picture outlook here: Is Bitcoin’s 2023 bull rally at an end?
Bitcoin price attempts a breakout
Bitcoin price has been sliding lower since April 19 and has produced three distinctive lower lows and lower highs. Connecting these swing points reveals a falling wedge setup from which BTC attempts to break out in the short term.
A failure to push through could lead to a revisit of the $25,209 support floor. The ideal scenario would include a fake out to the downside, namely a sweep below the $25,209 support level and a potential retest of $23,905 followed by a recovery into the failing wedge and a breakout.
This move would trigger massive pain for buyers and sellers, and the breakout from this manipulative move could see Bitcoin price retest the $30,000 psychological level.
BTC/USD 1-day chart
However, a breakdown of the $20,000 psychological level could hamper the bullish outlook and trigger a selling spree among investors. Such a development could see Bitcoin price revisit the $19,251 and $17,676 support floors.
Ethereum price at an inflection point
Ethereum price has recovered above the $1,703 support level, but it is unsure if this is the start of a recovery rally. If ETH fails to sustain above the aforementioned support, then the smart contract token is likely to retest the daily inefficiency, which extends from $1,478 to $1,563.
This move in Ethereum price would represent a 9.30% loss from the current price level.
ETH/USD 1-day chart
On the other hand, if Ethereum price maintains its position above $1,703, it will mean that the bulls are in control. In such a case, ETH could further ascend to retest the $1,817 and $1,853 resistance levels.
Ripple price needs to conquer critical hurdles
Ripple price completed its inverse head-and-shoulders setup on June 13 and has since dropped more than 14%. XRP price trades at $0.485 at the time of writing and is awaiting directional bias from Bitcoin.
A surge in bullish momentum could see Ripple price tag the immediate hurdle at $0.515. In a highly bullish case, XRP could even retest the $0.548 resistance level.
XRP/USD 1-day chart
While the outlook is also ambiguous for Ripple price, a swift and decisive breakdown of the $0.468 support level will confirm a bearish regime. In such a case, XRP price could revisit the $0.442 and $0.408 support floors.
Like this article? Help us with some feedback by answering this survey:
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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.