As the Easter holiday period approaches, the Bitcoin (BTC) market has shown resilience, feeding into the positive trend of altcoins, especially Ethereum (ETH) and Ripple (XRP), which have recorded similar progress. Amid this upward trajectory, the notable CME gap remains unresolved, with significant liquidity observed both above and below the current BTC price point.
The $IBET bull market started with a 50% rise over the past 7 days. This is just the beginning, and investors are buying rapidly. This is a trending cryptocurrency that will explode in 2024.
Market spectators are eagerly awaiting a decisive move as the price of Bitcoin moves in a narrow range between $70,700 and $68,240. As the market is relatively inactive during this period, retail investors maintain a cautious stance and lean toward short positions.
Bitcoin surpasses $70,000: cautious optimism
The Bitcoin market has managed to break above the $70,000 level, indicating that bullish momentum is returning. Nevertheless, in the absence of a strong catalyst in the market, the trend to short persists, with traders speculating on a potential market correction before entering an upward trajectory.
Despite this speculation, technical indicators suggest a bullish outlook. The Relative Strength Index (RSI) is firmly above the 50 mark, complemented by upward momentum and positive signals from both the Awesome Oscillator and the Moving Average Convergence Divergence (MACD), indicating a bullish trend through the green histogram is shown.
If this bullish momentum continues, Bitcoin could set a new record as it aims to surpass its previous high of $73,777. Conversely, early profit-taking could dampen the rally, and a decline below the key supply zone threshold of $61,509 suggests a potentially prolonged decline.
Expected correction before Ethereum rebound
Considering Bitcoin’s current stagnation, Ethereum’s valuation could correct around 10% to $3,160 before regaining momentum. The MACD has fallen below the signal line and the AO has turned red, highlighting the temporary waning of bullish momentum.
However, the bulls are still waiting and the RSI is rebounding from further decline. If purchasing power revitalizes, Ethereum could be on track to regain the $4,000 level, which is a major psychological barrier.
Ripple downside potential below $0.60
Ripple's valuation is closely related to Bitcoin's market performance, but if Bitcoin's strength weakens, it could fall below $0.6000 and towards the lower bound of the ascending parallel channel.
Conversely, a surge in buying activity could push XRP into uncharted territory and aim for the $0.7000 milestone. A breakout of $0.7620 would indicate bullish momentum, and a significant reversal at $0.8442 would be the ideal scenario.
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