Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC touches new all-time high near $77,000 following Fed rate cut
- Bitcoin recorded a fresh all-time high of $76,849 following the 25 bps Fed rate cut.
- Ethereum breaks above the key resistance level of $2,820, signaling a bullish move ahead.
- Ripple closes above the 200-day EMA at $0.547, indicating a possible rally on the horizon.
Bitcoin (BTC) price rallied and reached a new all-time high (ATH) of $76,849 following the US Federal Reserve’s 25 basis point (bps) rate cut. Ethereum (ETH) and Ripple (XRP) followed suit and closed above their key resistance levels, hinting at a possible rally ahead.
Bitcoin touches a new all-time high near $77,000
Bitcoin price broke above its previous ATH of $73,777, seen in March, reaching a new ATH of $76,400 on Wednesday. On Thursday, it rallied and touched a fresh all-time high of $76,849. At the time of writing on Friday, it trades slightly higher, around $75,900.
If Bitcoin continues its upward momentum, it may set the stage for a potential move toward the 141.40% Fibonacci extension level (drawn from July’s high of $70,079 to August’s low of $49,072) at $78,777.
The Moving Average Convergence Divergence (MACD) indicator further supports Bitcoin’s rise, signaling a bullish crossover on Wednesday’s daily chart. The MACD line (blue line) moved above the signal line (yellow line), giving a buy signal. However, the Relative Strength Index (RSI) stands at 70, around its overbought level and pointing downwards. Traders should be cautious because the chances of a price pullback are increasing, particularly as the RSI tilts down.
BTC/USDT daily chart
If BTC fails to maintain its upward momentum and extends retracement, closing below $73,777, it could decline further to retest its psychologically important level of $70,000.
Ethereum bulls show signs of strength
Ethereum price found support around the daily level of $2,342 on Monday and rallied over 20%, breaking above the resistance at $2,820 until Thursday. At the time of writing on Friday, it trades slightly higher, around $2,911.
If $2,820 holds as support, ETH could extend the rally by 11% to retest its weekly resistance level at $3,236.
The MACD indicator further supports Ethereum’s rise, signaling a bullish crossover on Thursday’s daily chart. The MACD line (blue line) moved above the signal line (yellow line), giving a buy signal. Additionally, the RSI is currently at 68, trending upward, signaling that bullish momentum is gaining traction.
ETH/USDT daily chart
If the $2,820 fails to hold, ETH could extend the decline to retest its next daily support at $2,342.
Ripple is poised for a rally following a break above its key resistance level
Ripple price found support around its $0.488 daily level on Sunday and rose over 10.5% until Thursday, closing above the 200-day EMA at $0.547. At the time of writing on Friday, it trades slightly down around $0.550.
If the 200-day EMA at $0.547 holds as support, XRP could extend the rally by 15% to retest its daily resistance at $0.626.
The MACD indicator further supports Ripple’s rise, signaling a bullish crossover on Wednesday’s daily chart. The MACD line (blue line) moved above the signal line (yellow line), giving a buy signal. Additionally, the RSI indicator is at 58, above its neutral level of 50, suggesting that bullish momentum is gaining traction.
XRP/USDT daily chart
However, if the 200-day EMA at $0.547 fails, XRP could extend the decline to retest its next key support at $0.488.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
