- Bitcoin price rose by 10% on February 14, the strongest bullish day of 2023.
- Ethereum price faces resistance near $1,700.
- XRP price could retrace toward $0.30.
The crypto market has witnessed an uptick in volatility, creating profitable opportunities for both bulls and bears to participate in. Still, the overall technicals continue to point north despite skepticism in the market.
Bitcoin price tags $25,000
Bitcoin's price is witenessing a consolidation phase after displaying the strongest bullish day in 2022. BTC”s bullish surge saw a 10% increase in less than 24 hours on February 15. The price is still hovering above the 8-day exponential moving and 21-day simple moving averages (SMA), which indicates that day traders on lower time frames are building their position.
Bitcoin price is currently trading at $24,379, as traders were quick to book profits near the new year's high at $25,250. The Relative Strength Index (RSI) confirms the bullish notion, as there is a bullish divergence and a new low at $22,530 compared to the previous low that occurred at $22,628.
Considering these factors, prices could rally towards the $26,500 area in the coming days. The bullish scenario creates the potential for an 8% rise from Bitcoin's current market value.
BTC/USDT 1-Day Chart
Invalidation of the bullish thesis would occur from a dip below the February 15 candlestick's opening price at $22,168. If the breach occurs, the Bitcoin price could fall towards the psychological $20,000 region, resulting in an 18% decrease from BTC's current market value.
Ethereum price facing a challenge
Ethereum's price is down 1% as the early morning surge that prompted ETH’s new year-to-date high at $1,742 is now being challenged. Much like Bitcoin, the price is maintaining itself above both the 8- and 21-day SMAs, which is a bullish cue in the short term.
Ethereum's price is currently trading at $1,655. Several outlooks have identified the $1,850 zone as a magnet-like liquidity level for bulls to aim for, and a move towards that price level would result in a 12% increase from ETH's current price.
ETH/USDT 1-Day Chart
Still, the uptrend is dependent on this week's swing low at $1,482 remaining untagged. If the level is breached, traders can expect a steep decline likely to target the $1,250 level. Such a move will result in a 25% decrease from Ethereum's current market value.
XRP price shows turbulence
XRP price has succumb to the crypto markets profit-taking demise as the $0.40 level continues to act as resistance. Market conditions persist, and there could be setting up for a much deeper decline.
XRP price currently trades at $0.387. The 21-day SMA has catalyzed a 3% downswing on the day. Unlike Bitcoin and Ethereum, the RSI never broke out into overbought conditions. The current downswing was catalyzed near a key resistance zone.
The RSI may be suggesting that XRP's uptrend that began on January 1 at $0.30 is at risk of a liquidation. The bearish scenario creates the potential for a 22% decline from XRP's current market value.
XRP./USDT 1-Day Chart
Invalidation of the bearish bullish thesis will arrive from a breach above the 21-day SMAsimple moving average at $0.402. If the breach occurs, the bulls could reroute north and challenge the $0.44 liquidity zone. Such a move would result in a 15% increase from XRP's current auctioning price.
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