Cryptocurrency Market Update: Bitcoin traders become jittery, more volatility ahead; Ethereum and Ripple follow the lead

  • The pre-halving FOMO will dominate the market in the upcoming days.
  • BTC/USD may spike to $10,000 by the end of the week.

Bitcoin price has been able to pass the key resistance level of $9,500 and hit a new high at $9,611. The cryptocurrency market follows the lead of the first digital asset that seems to be on the verge of the pre-halving frenzy. As the major event is less than five days away, the nervousness mixed with FOMO and agitation will grow stronger, creating wild price gyrations. 

Bitcoin’s on-chain data

Currently, over 84% of all Bitcoin holders are making money. The price passed a congestion area of $9,200-$9,450 and headed to a new resistance zone $9,550-$9,85. Over 500k addresses with more than 400k BTC have their breakeven point around those levels. The average transaction size has increased to $28,000, though it is still much lower from the recent peak of $56,000 reached on April 30. The 30-day volatility stays flat around 50%.

Bitcoin is on fire

BTC/USD broke above an important resistance of $9,300 (38.2% Fibo retracement for the downside move from July 2019 high to December 2019 low). If it settles above $9,500, the near-term technical picture will turn bullish and set the stage for a rally towards $10,000. However, this resistance might prove to be a hard nut to crack. It it is not taken from the first try, BTC/USD will start the downside correction. 

Ethereum and Ripple follow the leader

Ethereum price has gained over 60% since the start of the day and recovered over 50% of losses from the mod-March crash. On the upside, the local resistance is created by $210.00, while the support is seen around $206. The second-largest digital assed has spent in this range the most of the day. In the short run, a sustainable move above $220 is needed to improve the technical picture.

Ripple’s XRP has been less successful and gained just 13% from the start of the year. The third-largest coin hit the new April high at $0.2350, but failed to hold the ground and retreated to the area below $0.2200. A sustainable move above this area is needed for the upside to gain traction with the near-term bullish focus on $0.2350-$.2400 area. The support is created by 38.2% Fibo retracement for the downside move from February 2020 high on approach to $0.2000.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Ripple nears 30% spike while crypto bull run takes a breather

Bitcoin's uptrend is still intact despite the technical breakout stalling at $50,000. Ethereum faces an uphill task at the 38.2% Fibonacci level ahead of a potential spike to $1,700. Ripple is flirting with $0.44, while bulls look forward to a 30% rally to $0.575.

More Cryptocurrencies News

Stellar: On its way to a 35% fall as technicals scream sell

A key indicator has presented a long-term sell signal for Stellar price. Stellar doesn't have a lot of support on the way down.

More Stellar News

TheGraph price is at risk of a 25% drop as whales go into a selling spree

TheGraph price is contained inside a parallel channel on the 4-hour chart. A key indicator has just presented a sell signal for GRT.

More Graph News

Chainlink: Will aim for new all-time highs if it holds this critical level

Chainlink price must stay above a key support level for a chance to new all-time highs. The digital asset faces weak resistance ahead according to various metrics.

More Chainlink News


Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast