As the Easter holiday period approaches, the Bitcoin (BTC) market demonstrates resilience, influencing a positive trend among altcoins, notably Ethereum (ETH) and Ripple (XRP), which are registering comparable advances. Amidst this upward trajectory, a notable CME Gap remains unaddressed, with significant liquidity observed both above and below the current BTC price point.
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Market spectators are keenly awaiting a decisive move as Bitcoin’s price fluctuates within a tight margin, oscillating between $70,700 and $68,240. This period of relative market inactivity sees retail investors maintaining a cautious stance, inclined towards short positions.
Bitcoin Over $70,000: A Cautious Optimism
The Bitcoin market has successfully breached the $70,000 mark, signaling a resurgence of bullish momentum. Nonetheless, in the absence of a strong market catalyst, the inclination towards shorts persists, with traders speculating a potential market correction prior to an upward trajectory.
Despite these speculations, technical indicators hint at a bullish outlook. The Relative Strength Index (RSI) stands robustly above the 50 mark, complemented by ascending momentum and positive signals from both the Awesome Oscillator and the Moving Average Convergence Divergence (MACD), which exhibit bullish trends through green histograms.
Should the bullish momentum persist, Bitcoin may aim to surpass its previous peak of $73,777, potentially setting new records. Conversely, early profit-taking might temper the rally, with a downturn below the pivotal $61,509 supply zone threshold signaling a possible extended decline.
Ethereum’s Anticipated Adjustment Before a Rebound
In light of Bitcoin’s current stagnation, Ethereum’s valuation might see a correction of approximately 10% to $3,160 before regaining strength. The MACD’s dip below its signal line and the AO’s shift to red underscore a temporary ebb in bullish momentum.
Yet, the bulls remain on standby, with the RSI repelling further declines. A revitalized buying force could propel Ethereum towards reclaiming the $4,000 mark, a psychologically significant barrier.
Ripple’s Potential Descent Under $0.60
Ripple’s valuation, closely tied to Bitcoin’s market performance, may witness a downturn, potentially falling beneath the $0.6000 mark and toward the lower bounds of its ascending parallel channel, should Bitcoin’s strength wane.
Conversely, a surge in buying activity could propel XRP into uncharted territories, aiming for the $0.7000 milestone. A breakthrough above $0.7620 would signal bullish momentum, with a pivotal turnaround at the $0.8442 mark representing an ideal scenario.
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