- 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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum price to outpace Bitcoin price as ETH jumps over key hurdle where BTC fumbles
Ethereum (ETH) price is working on its recovery after it dipped to a two-week low on Thursday. While Bitcoin price has failed to make a similar move and head back above $26,500, Ethereum is outpacing Bitcoin and has been able to push above $1,800.
Bitcoin price retreats as US core PCE inflation comes hotter than expected
Bitcoin price declined in response to April's US core PCE inflation data, which came higher than anticipated. The knee-jerk reaction from market participants increased the selling pressure on the asset, pushing it below $26,400.
Cardano founder says CIP-1694 upgrade will be a “wake-up call” for crypto
Cardano, one of Ethereum’s main competitors, is gearing up for further decentralization through its Improvement Proposal (CIP-1694), which is expected to bring the Ethereum-killer altcoin into a new era of governance with decentralization in its decision-making.
PEPE price action puts traders on the edge of their seats as pennant gets filled
PEPE price is entering the very last possible stage before finally determining whether bulls or bears have the winning hand in this poker game showdown.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.