- Bitcoin price has printed a rebound after selloff pressure eases in the market.
- Ethereum and XRP prices are also in consolidation mode as the broader market outlook turns green.
Bitcoin (BTC) is back in the game, rising past the $84,000 mark over the weekend. As Bitcoin moves towards $85,000, Ethereum (ETH) and XRP found support around their key levels last week, suggesting potential recovery.
Bitcoin Eyes $90K
On Friday, the price of Bitcoin broke and closed above its descending trendline (drawn by connecting multiple high levels since mid-January). The next day, the flagship coin rallied 2.22% on Saturday, followed by rejection at the $85,000 level on Sunday. This rejection coincided with the 200-day Exponential Moving Average (EMA) and the daily resistance level.
BTC’s price is $84,573 at press time, up 1.18% from the previous day. If it breaks and closes above $85,000, Bitcoin could extend the rally to the $90,000 key psychological level. A more bullish move could see Bitcoin reach $95,000, its March 2 high.
Technical indicators, however, show mixed sentiments. For instance, the Relative Strength Index (RSI) on the daily chart flattens around its neutral level of 50, suggesting indecisiveness among traders. The RSI must move above its neutral level before the bullish momentum can continue.
Notably, Bitcoin may retest its next daily support level at $73,072 if it fails to close above $85,000. Nevertheless, the increased attention from whales adds to positive sentiments in the Bitcoin market.
As we mentioned earlier, long Bitcoin whales helped drive a 12% price recovery to Bitcoin in three days. Based on the whales’ interaction, market watchers are now eyeing $85,000 and $87,700 as possible targets.
ETH and XRP Price Outlook
Meanwhile, Ethereum recovered slightly last week, with key support around $1,449, but faced resistance towards $1,700.
At the time of writing on Monday, the price of the leading altcoin hovers at around $1,632, up 1.24% in 24 hours. ETH could extend the rally to retest its next daily resistance at $1,861. This move, however, depends on ETH’s ability to continue its recovery and close above $1,700.
On the daily chart, the RSI reads 42 after bouncing off its 30 oversold levels last week. The reading points upward toward its neutral level of 50, indicating a fading bearish momentum.
On the downside, ETH could hit $1,300 if it closes below its daily support level of $1,449.
As we covered in our latest report, market experts predicted that ETH could reach $7,000 this year.
XRP, the third coin in our analysis, rallied by 14.28% on Wednesday, breaking above its 200-day EMA at $1.95. The price soon dropped 4.24% the next day and faced the 200-day EMA level test.
XRP continued its recovery on Sunday and retested its April 2 high of $2.23. At the time of writing on Monday, the price hovers around $2.13.
The RSI on the daily chart reads 50 at the neutral level, suggesting that the bearish momentum is fading. On the contrary, if XRP closes below its 200-day EMA, it could extend the decline to retest its next support level at $1.77.
