Bloody Thursday: Bitcoin, Ripple’s XRP and Ethereum back in the red
|- The institutionalization of Bitcoin and other cryptocurrencies is what the market needs for a reversal.
- Mike Novogratz predicts Bitcoin will reverse the trend and hit $8,000.
- Ripple’s is currently on the verge of a bullish break above the bullish flag pattern.
- Ethereum sideways trading is gaining traction.
Bitcoin, Ripple’s XRP and Ethereum lead from behind as the market trends lower. The retreat comes after cryptocurrencies made an attempt to leave the dark ‘crypt’. However, Bitcoin upside was limited at $3,700, XRP at $0.32 while Ethereum was capped at $128.
Galaxy Digital founder, Mike Novogratz recently told Bloomberg that he expects Bitcoin to correct towards $8,000. He added that the infrastructure that will enable institutional investment in the industry is steadily falling in place. Novogratz believes that the institutionalization of Bitcoin and other cryptocurrencies is what the market needs for a reversal.
Bitcoin price overview
Bitcoin is trending lower 0.27% today. The asset has been on a steady decline mode since last week’s high at $3,700. Presently, Bitcoin is trading at $3,567 after a slight recovery from the immediate support at $3,550. As discussed in the price analysis, Bitcoin delayed bullish flag pattern breakout will open the door for gains towards $3,700. Meanwhile, it is important that the bulls keep the price above $3,550 to avoid declines that could breach $3,500 and spiral towards $3,400.
Ripple’s XRP price overview
Ripple’s is currently on the verge of a bullish break above the bullish flag pattern we mentioned yesterday. The asset is valued at $0.3040 while supported by the 4-hour 50-day Simple Moving Average (SMA). Correcting above $0.31 (initial resistance) will see price ignite more gains heading to $0.32 (critical level) and eventually test $0.33 (medium-term resistance).
Ethereum price analysis
Ethereum sideways trading is gaining traction after failing to break above $128 in the recent rally. ETH/USD corrected from $102 and reclaimed support at $120 before pushing for gains towards $130. However, there has been a recoil to the south with Ethereum touching $116 support. At the moment, the crypto has recovered to $112.59 with the immediate resistance seen at $125. A break above $125 must occur for Ether buyers to gain more strength towards $130 critical level.
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