Cryptocurrency Market Update: Bitcoin must break $7,200 for a swing past $8,000
|- Bitcoin price opens the week above $7,100 amid calls for a lift-off above $8,000 pre-halving.
- Ethereum led the recovery over the weekend testing $190 resistance but failed to sustain gains towards $200.
- XRP/USD continues to underperform in comparison to Bitcoin and Ripple; stuck under $0.20.
The cryptocurrency renewed the bullish momentum following widespread bullish waves on Thursday last week. The weekend session encountered minor bearish forces. However, buyers across the board were keen on commencing the new week’s trading not only in the green but also positive regions. The total market capitalization has corrected upwards breaking above the $200 billion as sign that investor confidence in the market is rising.
BTC/USD opened the week’s trading above $7,100 as desired by the buyers. However, the upside has been capped at $7,200. The price is slightly in the green following a 0.46% growth on the day. The trend remains bullish but the low volatility means that rapid upward price action is unlikely in the coming sessions on Monday. The region at $7,200 happens to be a support Bitcoin embraced in May 2019. Therefore, a correction above this zone coupled with volatility and speculation surrounding the approaching halving will support further action above $8,000.
Read more: Bitcoin Price Analysis: Is BTC/USD still in the buy zone heading into the May halving?
Chart of the day
ETH/USD is also dancing in the green after opening the session at $180 and advancing to $182 (market value). Glancing north, an intraday high has been formed at $186, marking the end of the intraday rally during the Asian session. Unlike, Bitcoin Ethereum is facing a building bearish momentum but the shrinking volatility hints that declines will be limited.
Read more: Ethereum Price Prediction: ETH/USD soars 3% as focus shifts to $200 – Confluence Detector
XRP/USD price action has not been as significant as the other two top cryptocurrencies; Bitcoin and Ethereum. The bullish action last week lost steam short of $0.20 while a reversal from the highs on Thursday found support above $0.1850. It is apparent that the more time the price stays under $0.20, the stronger the bearish grip becomes. Therefore, to be on the safe side, Ripple must clear the resistance at $0.20 and focus on higher hurdles at $0.25 and $0.30.
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.