Cryptocurrency Market Update: Bullish comeback as Bitcoin soars past $5,500
|- Bitcoin majestically steps above $5,500 renewing the hope of overcoming the critical resistance at $6,000.
- Ethereum price and Ripple price climb above key seller zones at $120 and $0.15 respectively following in Bitcoin’s footsteps.
The cryptocurrency market is gradually turning bullish after an extended bearish session on Thursday. All the top three cryptos; Bitcoin, Ethereum and Ripple are in the green, by 2.83%, 3.17% and 1.3% respectively. The rest of the crypto market is painted green accept for selected digital assets such as Dash after dropping 4% on the day.
BTC/USD opened the session at $5,413 and advanced upwards to $5,475 (intraday high). Due to the selling dominance during the session, a low was also reached at $5,265. However, the bullish momentum is returning at the time of writing, which could pull BTC/USD above $6,000. In the meantime, it is essential that $5,500 is turned into a key support to allow the bulls to focus on breaking not only the resistance at $6,000 but focus on the critical level at $7,000.
ETH/USD is back to trading above $120 for the first time in two days. Selling activity has tested support at $115 severally. However, the bulls have returned with a bang aiming for $130. Ethereum is trading at $122 and counting at the time of writing.
XRP/USD has not been left behind but moving side by side with its peers. From the opening value at $0.1480, the price is teetering at $0.1503. If support is established above $0.15 then focus will shift drastically from $0.10 to $0.16.
Chart of the day: BTC/USD
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.