Bitcoin price analysis: BTC/USD unstoppable as $12,500 gives in
Bitcoin’s upside momentum is gaining traction as a break above $12,000 serves as an upside catalyst for the first digital coin. At the time of writing, BTC/USD is changing hands at $12,550 amid strong bullish sentiments and growing trading volumes. Considering that the price growth is accompanied by increased trading volumes, one might suggest that the trend will gain traction.
Many experts believe that at this stage Bitcoin (BTC) is driven by FOMO, while the market repeats the situation of late 2017. The excitement around Facebook’s Libra coin and potential crypto ban in India are also cited as major catalysts to the Bitcoin’s rally.
Ethereum price analysis: Will ETH/USD face a bearish correction soon?
ETH/USD bulls have been in control of the market for three days in a row. While the price has gone up from $316.50 to $333.50 so far this Wednesday alone, the bulls will need to push it up even further to $350 to continue their upward momentum. The hourly chart shows us that ETH/USD has spiked from $316 to $331 in just one hour. This could mean that the price is currently overvalued and may face bearish correction.
The 20-day Bollinger band jaw has widened, so it indicates increasing market volatility. The last session has taken the price above the upper curve of the Bollinger band, suggesting that it is overvalued. The price is trending in an upwards channel formation and above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
ETH/USD daily chart
-636971186998273666.png)
Ripple price analysis: XRP/USD stuck in range, capped by $0.48
Ripple’s XRP, the third largest coin by market value, has retreated from the intraday high of $0.4783 to trade at $0.4720 at the time of writing. XRP/USD hit the area above $0.50 during the weekend but failed to hold the ground. XRP/USD has gained about 2% in recent 24 hours amid range-bound trading.
Ripple’s market value has settled at $20.2 billion, while the trading volumes are registered at $2.2 billion, twice as high as an average long-term figure.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?