- Bitcoin price hovers near $102,900 on Friday, reclaiming territory last seen in early February.
- Ethereum's price holds steady at around $2,200 after a sharp 20% rally this week.
- XRP bulls gain momentum and are targeting the $2.50 mark.
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are surging this week, fueled by growing bullish momentum across the crypto market. BTC is reclaiming levels near $102,900, last seen in early February, ETH is stabilizing around $2,200 after a 20% rally, and XRP is pushing higher as bulls eye the $2.50 target.
Bitcoin bulls aim for $105,000 before reaching an all-time high
Bitcoin price broke above the daily resistance level of $97,700 on Thursday and closed at around $103,200, a level not seen since early February. At the time of writing on Friday, it hovers around $102,700.
If BTC continues its upward trend, it could extend the rally toward its key psychological importance level at $105,000 before rallying to its all-time high at $109,588.
The daily chart's Relative Strength Index (RSI) reads 73 above its overbought levels of 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. Another possibility is that the RSI remains above its overbought level of 70 and continues its upward trend.
The Moving Average Convergence Divergence (MACD) indicator on the daily chart showed a bullish crossover on Thursday, giving buy signals and indicating an upward trend.
BTC/USDT daily chart
However, if BTC faces a pullback, it could extend the decline to retest its next support level at $100,000.
Ethereum gains bullish traction as it closes above its $1,861 resistance level
Ethereum's price has been consolidating between the $1,700 and $1,861 zones for over two weeks. On Thursday, it broke above its upper consolidation boundary around $1,861 and rallied over 20%. Moreover, it also closed above its descending trendline (drawn by joining multiple high levels since early January), indicating a bullish move. At the time of writing on Friday, it is stabilizing at around $2,200.
If ETH continues its bullish momentum, it could extend the rally to its 200-day Exponential Moving Average (EMA) around $2,427.
The RSI on the daily chart reads 77 above its overbought levels of 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. Another possibility is that the RSI remains above its overbought level of 70 and continues its upward trend. The MACD indicator on the daily chart showed a bullish crossover, giving buy signals and indicating an upward trend.
ETH/USDT daily chart
However, if ETH faces a pullback, it could extend the decline to retest its key support level around $2,000.
XRP shows signs of bullish momentum
XRP price broke and closed above its 50-day EMA level at $2.20 on Thursday and rallied 9.44% that day. At the time of writing on Friday, it hovers at around the $2.32 level.
If XRP continues its upward trend, it will extend the rally to retest its March 24 high of $2.50 before potentially reaching $3.00.
The RSI on the daily chart reads 60, above its neutral level of 50, indicating a bullish momentum. The MACD indicator also showed a bullish crossover on Thursday, giving a buying signal and suggesting an upward trend.
XRP/USDT daily chart
Conversely, if XRP faces a pullback, it could extend the correction toward its 50-day EMA at $2.20.
Cryptocurrency metrics FAQs
The developer or creator of each cryptocurrency decides on the total number of tokens that can be minted or issued. Only a certain number of these assets can be minted by mining, staking or other mechanisms. This is defined by the algorithm of the underlying blockchain technology. On the other hand, circulating supply can also be decreased via actions such as burning tokens, or mistakenly sending assets to addresses of other incompatible blockchains.
Market capitalization is the result of multiplying the circulating supply of a certain asset by the asset’s current market value.
Trading volume refers to the total number of tokens for a specific asset that has been transacted or exchanged between buyers and sellers within set trading hours, for example, 24 hours. It is used to gauge market sentiment, this metric combines all volumes on centralized exchanges and decentralized exchanges. Increasing trading volume often denotes the demand for a certain asset as more people are buying and selling the cryptocurrency.
Funding rates are a concept designed to encourage traders to take positions and ensure perpetual contract prices match spot markets. It defines a mechanism by exchanges to ensure that future prices and index prices periodic payments regularly converge. When the funding rate is positive, the price of the perpetual contract is higher than the mark price. This means traders who are bullish and have opened long positions pay traders who are in short positions. On the other hand, a negative funding rate means perpetual prices are below the mark price, and hence traders with short positions pay traders who have opened long positions.
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