Cryptocurrency Market Update: Bitcoin defiantly in the green as $8.2k beckons

01/07/2020 06:47:04 GMT|ByJohn Isige

Bitcoin approaches $8,000 following a rally on Monday.
Ethereum bulls strive to hold the price above the 50-day SMA.
Ripple futures contract launch on XRP revives interest in the third-largest cryptocurrency.

Cryptoassets across the board rallied on Monday following a weekend of gains consolidation. The rally last Friday saw the digital asset function as safe havens amid tension between the US and Iran. The price action on Monday remained bullish with Ripple leading the altcoins with over 10% in gains.

All of the top three cryptocurrencies corrected higher including Bitcoin which closed in on $8,000 and Ethereum, whose price broke $142 hurdle. The total market capitalization is standing at $206 up from $201 an opening of the session on Tuesday.

Bitcoin price update

Bitcoin is among the few assets keen on consolidation the gains accrued on Monday. The asset is trading 1.43% higher on the day amid a strong bullish trend. Moreover, the expanding volatility suggests that a break above $8,000 is still possible within the day. For now, the mission among the bulls is to establish support above $7,800 and focus on breaking $8,000 level.

Also read: Bitcoin Price Analysis: BTC/USD closes in on $8k as mining hashrate hits 2020 all-time high

BTC/USD 4-hour chart

Ethereum price update

As discussed in the price analysis earlier in the day, Ethereum jumped above $140 and $142 resistance levels. It is also consolidation the gains above the 50-day SMA. The MCAD suggests that correction to $160 is possible in the near-term but $180 and $200 will remain at bay for now.

ETH/USD daily chart

Ripple price update

Ripple rallied 10% on Monday following the news of XRP futures launch on Binance Futures platform. The price hit highs around $0.225 before adjusting to the current $0.2153. The immediate upside capped at $0.22 while immediate support is observed at $0.21 and $0.20. The 50 SMA and the 100 SMA on the 4-hour chart will function as support levels as well in the case of a drop under $0.20.

XRP/USD 4-hour chart

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