Cryptocurrency market update: Bitcoin, Ethereum and Ripple flexing muscles above key resistances
|- Bitcoin leads the market's recovery as major digital assets react.
- Ethereum clears $250 resistance to sit above $255.
- Ripple’s XRP corrects above $0.4000 amid broad-based crypto gains.
The market is not just in the green on Wednesday evening (GMT) but cryptocurrencies are in the middle of a fresh surge mainly driven by the ‘king’ himself, Bitcoin. The largest cryptocurrency blasted above $8,000 again but this time the bulls had intentions to break key barriers and from new weekly highs.
Bitcoin zoomed past $8,100 before coming to a halt at $8,273.98 following a 3.42% gain on the day. The hourly chart shows Bitcoin initial support at $8,000 while the 100 Simple Moving Average (SMA) 1-h, the 50 SMA 1-h and the EMA 30 as key support levels. Other support areas to look out for are $7,800 and $7,600.
BTC/USD 1-hour chart
The intraday chart shows Ethereum trending up 4% on the day. A high has been formed at $256.81 but the second largest is valued at $255 at press time.
On the other hand, Ripple’s XRP is back above $0.42 after adding 2.38% gains to its value. XRP/USD has correction from the lows at $0.3889 to achieve an intraday high around $0.4041.
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.