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Bitcoin is currently approaching $70,000. Digital gold may be on the verge of a breakthrough. It is currently trading around $69,311 and many are watching to see what happens next.
Looking at the chart, we can see that Bitcoin has been going up and down without any noticeable pattern, but it is still close to the $70,000 level. This is a very important level that will tell us whether Bitcoin will start moving towards another ATH or continue to consolidate. If Bitcoin can break through this level, it could rise further and would be big news for the cryptocurrency market.
However, the market is sending mixed signals. Because of this, it is difficult to say with certainty whether Bitcoin will soon surpass $70,000. It may rise to test this level, but it is unclear whether it can sustain above it.
For Bitcoin to continue to grow, the asset will need to remain above at least the 50 EMA, which is no easy task given the questionable inflows into the market at the moment.
If Bitcoin can break above these support levels and rise above $70,000, it could be the start of another significant price rally.
Good news for XRP
It's been a tough time for XRP, but there is some good news. XRP once again surpassed the 100-day exponential moving average (EMA).
Currently, the price of XRP is $0.5967. Breaking out of the 100 EMA line is important because it could be a sign that the price could start rising again. If XRP can maintain this momentum and break above the 100 EMA, the next big test will be at the 50-day EMA, or around $0.62. If XRP can break through this as well, it could prove ready to rally toward year-to-date highs once again.
However, even with this positive movement, XRP may not continue to rise. Prices may not rise any further and this may not be the beginning of a real comeback. To confirm that XRP is indeed making a comeback, we need to see if XRP can sustain above the 100-day EMA and break out other important price points such as the 50-day EMA.
Investors and those monitoring the cryptocurrency market will be paying close attention to XRP. If it can maintain its strength and overcome more resistance levels, it could mean that XRP is making a real comeback. However, if it fails to do so and the price falls below the 100-day EMA again, it could signal that XRP still has a ways to go before starting a true recovery.
Ethereum is safe
Ethereum has reached an important threshold. Its price is squeezed between the uptrend line and the 50-day exponential moving average (EMA), which could lead to big price moves in the near future.
Ethereum is currently trading at around $3,391. The chart shows that the price is just above the uptrend line, acting like support and preventing the price from falling further. Since this line is slowly rising, Ethereum price is likely to rise along with it.
The 50-day EMA is currently around $3,400, just above the current price. This EMA often acts as a resistance level and can push the price downwards. Ethereum is stuck between this resistance above and the support trend line below. If the price can sustain above the 50-day EMA, it could rally to the next resistance level near $3,545.
However, if Ethereum fails to sustain above the trend line, it could fall to the next support level, the 100-day EMA, around $3,090. Below this, the price could fall to the 200-day EMA of $2,665.
So far, the market is sending mixed signals. This means that the price of Ethereum can go in both directions, and it is not clear which direction it will go. Investors will be watching to see if Ethereum can break above the trend line and break out of the 50-day EMA.
About the author
Armand Sirignan
