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.

 

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