|

Crypto market update: Bulls comeback revives investors’ hope as Bitcoin, Ethereum and Ripple reverse the trend upwards

  • The current bullish outlook has revived investor hope that the market will close March in the positive.
  • In spite of the positive levels, Bitcoin is still stuck below $4,000.
  • Ethereum is aiming for $140 although it is currently exchanging hands at $137.

A quick glance at the cryptocurrency market tells you that the bulls are back in control once again. This follows the retracement on Tuesday 26. Declines were recorded across the board sending the market capitalization below the $140 billion mark. The current bullish outlook has revived investor hope that the market will close March in the positive. The market capitalization is back above $140 with major coins recording considerable gains.

Bitcoin price overview

Bitcoin is seen trading at $3,982.43 following a 1.6% rise on the day. The price has corrected above both the 100 SMA and the 50 SMA 2-hour currently at $3,980.79 and $3,950 respectively. Most indicators are sending positive signals. For instance, the RSI has recovered to levels around 70 from the lows at 20. The same uptrend is observed with the MACD which has re-entered the positive region for the first time since March 21. In spite of the positive levels, Bitcoin is still stuck below $4,000.

Ethereum and Ripple

Both Ethereum and Ripple are also on upward trajectories. Ethereum, for example, is recording gains of more than 2.5% after opening the trading to at $134. The second largest crypto is aiming for $140 although it is currently exchanging hands at $137.

Ripple, on the hand, is trending higher 1.33%. It opened the trading at $0.3029 and has formed a high around $0.3099. At the moment, XRP/USD is valued at $0.3069. Ripple recently dipped below $0.29 hence this slight recovery means that higher correction is possible in the coming few days.


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Democrats win House and Senate in US midterms: Why isn’t all bad news for crypto

The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave. This political shift in the US has triggered sharp price swings across the cryptocurrency market.

Ripple nears oversold territory as traders eye buying opportunities

Ripple remains structurally capped near $1.20 after selling pressure wiped out the early-week rise to $1.34, driven by the US midterm elections. Market participants exhibited regulatory concerns ahead of the Democrats taking control of Congress in January, with many repositioning and adjusting their portfolios.

Bitcoin Weekly Forecast: Bears tighten grip as BTC eyes fifth weekly loss

Bitcoin is down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. A sharp sell-off in US technology stocks reversed Bitcoin’s post-election rally on Thursday, triggering a wave of liquidations across the market and intensifying bearish pressure.

Post-US midterm elections market sell-off weighs on PI

Pi Network (PI) continues to attract sellers, as the post-US midterm results triggered a sell-off in the US tech stock market and also wiped out over $1 billion from the crypto market.

Bitcoin: Bears tighten grip as BTC eyes fifth weekly loss
Bitcoin (BTC) remains under pressure, down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. Persistent outflows from US-listed BTC spot Exchange Traded Funds (ETFs), a sharp sell-off in US technology stocks, and rising market liquidations are weighing on sentiment and limiting Crypto King’s recovery attempts.