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  • Bitcoin price continues to slowly gain, heeding only major events as $40,000 comes in sight.
  • Ethereum price defends the $2,029 support level, but the real danger lies around $1,935.
  • Ripple price must defend the 50-day SMA at $0.5898 or risk a 10% drop to $0.5497.

Bitcoin (BTC) price remains shy of $40,000, steadily edging toward this big target as the rally runs on fumes. There is no bullish fundamental to drive the market, save for speculation around spot BTC exchange-traded funds (ETFs). As it turns out, a positive development in this macroeconomy may be the only tune that Bitcoin dances to.

Also Read: Bitcoin Spot ETF applications see amendments, holders await January batch approval

Bitcoin price remains shy of $40,000

Bitcoin (BTC) price remains below the $40,000 mark, unresponsive to the show of confidence demonstrated by MicroStrategy, which has just expanded its portfolio with more than half a billion dollars worth of BTC.

Nevertheless, Bitcoin price remains broadly in an uptrend and could head higher as the Relative Strength Index (RSI) suggests bulls still have control. Its position at 60 points to a strong momentum, bolstered by the trajectory of the Simple Moving Averages (SMAs) that show upward is the path with the least resistance. Also, the Awesome Oscillator (AO) is still in positive territory, adding credence to the bullish thesis.

If the bulls can add to their buying power, Bitcoin price could extend past the $38,000 psychological level before overcoming the range high of $38,450 and tag the $40,000 psychological level.

BTC/USDT 1-day chart

On the other hand, if sellers overpower the bulls, Bitcoin price could drop toward the $35,935 support level or even test the 50-day SMA at $34,317. Failure of this buyer congestion level to hold could see BTC descend to the $32,000 level.

Also Read: Bitcoin hit $38,000 three times in one week

Ethereum price defends $2,029 support level

Ethereum (ETH) price is holding above the $2,029 support level and must defend this position lest it tumble back into the supply zone turned bullish breaker. According to experts, its upside potential is capped at $2,500.

If the bulls can up their game, the largest altcoin by market capitalization could extend northward, breaking past $2,100 to tag the $2,136 range high.

In a highly bullish case, the gains could clear the aforementioned local top before tagging the $2,143 range high. Such a move would constitute a 5% climb above current levels.

ETH/USDT 1-day chart

Conversely, if selling pressure increases, Ethereum price could lose $2,029 support, falling deep into the midline at $1,935. A break and close below this level would confirm the continuation of the downtrend, with ETH likely to test the confluence between the 50-day SMA and the lower boundary of the order block at $1,862.

Also Read: Ethereum Price Prediction: ETH top-down analysis hints upside is capped at $2,500

Ripple price is at an inflection point

Ripple (XRP) price is at a crossroads, torn between heading north to breach the critical supply barrier and tagging $0.7000 or moving south. In the latter event, BTC could lose the 50-day SMA at $0.6040 before falling below the $0.5773 support level.

A bullish catalyst could send Ripple price north to the supply zone stretching from $0.6572 to $0.7161.

XRP/USDT 1-day chart

On the flipside, enhanced seller momentum could send Ripple price south, potentially going as low as the 200-day SMA at $0.5549. In a worse case,, the 100-day SMA at $0.5497 might be tested. Such a move would constitute a 10% fall below current levels. 

Also Read: XRP price stuck under $0.65 despite Bitcoin hitting $38,000 three times in one week

 


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