- Bitcoin dipped close to $50,000, but the uptrend remains in jeopardy.
- Quarterly CME Bitcoin options could see Bitcoin's recovery bolstered.
- Ethereum deals with Lethargic price action despite support at $1,550.
- Ripple faces immense overhead pressure, limiting movement toward $0.6.
The cryptocurrency market is trying to find stability after a widespread retreat from the beginning of the week. Bitcoin plummeted to $50,000, followed by an ongoing lethargic recovery. Ethereum is having a hard time sustaining gains despite the crucial support at $1,550. On the other hand, Ripple is among the most improved altcoins, posting a 9% growth in value over the last 24 hours.
Some selected altcoins have recorded double-digit gains including Terra (up 14%), TRON (up 10%), Elrond (up 10.8%) and PancakeSwap (up 16.5%). As the weekend session is ushered in, investors expect most digital assets to gain ground from the prevailing price levels.
Bitcoin struggles with the uptrend despite options expiration
The quarterly Chicago Mercantile Exchange (CME) Bitcoin and Ethereum contracts are set to expire on March 26. Note that open interest in the options market is used to control the number of active contracts and, by extension, highlights the level of liquidation at particular expiration dates. However, it is essential to note that the impact of the options could vary and does not always lead to an uptick in the Bitcoin price.
Meanwhile, Bitcoin is trading slightly above the descending channel's middle boundary, as discussed earlier. A break under this could see BTC revisit the support at $50,000. If push comes to shove, losses may extend to $46,000 and $44,000, respectively.
BTC/USD 4-hour chart
It is worth noting that the uptrend staged from $50,000 may continue if BTC overcomes the short-term hurdle at the four-hour 200 Simple Moving Average (SMA). Another leg toward $56,000 will be validated by price action beyond the channel.
Ethereum struggles to find direction
Ethereum is stable, especially following the recently formed support at $1,550. However, recovery remains an uphill battle due to the resistance under $1,700. At the time of writing, Ether is exchanging hands at $1,625 amid a persistent push by the bulls to sustain the uptrend.
The Moving Average Convergence Divergence (MACD) indicator might confirm the recovery if it maintains a positive gradient. On the upside, price action above the four-hour 200 SMA could add credence to the bullish narrative, thus allowing bulls to focus on price levels past $1,700.
ETH/USD 4-hour chart
Ethereum is not out of the woods, mainly due to the lagging price action. A retreat into the $1,500s could trigger massive losses likely to seek tentative support areas at $1,400 and $1,200.
Ripple uptrend runs out of steam
Ripple soared above the support at $0.4, stepping above crucial resistance levels such as $0.5 and $0.55. Buyers shifted their eyes to $0.6 and $0.65, but the upswing to these levels appears to be a pipedream.
In the meantime, XRP is doddering at $0.56 while struggling to sustain recovery to the mentioned levels. The TD Sequential indicator may present a sell signal in the form of a green nine candlestick in the coming days. If the call to sell is validated, a correction may ensue in one to four four-hour candlesticks.
XRP/USD 4-hour chart
The MACD on the four-hour chart affirms the uptrend despite the sluggish price action above $0.5. This indicator is used in identifying positions to buy the dip or sell the top. The MACD line (blue) crossing above the signal line implies that investors can take a long position.
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
Shiba Inu price stagnancy brings investors’ losses to a 28-month high
Shiba Inu has been rather dormant these past four weeks, which is bearing a negative impact on the investors. The meme coin market has been struggling to make headlines as the lack of increase in altcoin’s market value has left investors in peril, which is now driving them to pull back and wait until SHIB starts rising again.
LDO sees lowest cumulative volume in ten months as Lido DAO price struggles to breach key barrier
Lido DAO price is up over the past day as the market shifted its stance despite the SEC announcing a delay in the spot Bitcoin ETF applications of BlackRock among other applicants. However, this one-day rise is not enough for the likes of LDO that have been failing in recovering for a few weeks now.
THORChain leaps 12% with soaring open interest as RUNE targets a peak of its current range
THORChain is testing a crucial multi-month obstacle after a remarkable climb. The move has completed the altcoin’s recovery rally following the 15% fall of September 27. RUNE has outperformed the broader market, with Bitcoin and Ethereum recording only up to 3% in daily gains.
Chainlink and Australia’s ANZ Bank issue AUD-stablecoin to successfully test interoperability
Chainlink put itself on the map with the help of its real-time data-feeding Oracles and is now in the spotlight for its interoperability protocol. Through this protocol, the blockchain project intends to not only connect two or five chains but also create the world’s largest liquidity layer, starting with Australia’s second-largest bank.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.