Bitcoin Price Consolidation Nears Its End
Bitcoin (BTC) has been trading between $94,000 and $100,000 since early February. This consolidation phase may soon conclude:
- Key Levels: Support at $94,000**; resistance at **$100,000.
- Recent Movement: A 2.75% uptick on Thursday followed by sideways trading near $98,000 on Friday.
Indicators:
- RSI: Neutral at 50, hinting at slight bullish momentum.
- MACD: Bullish crossover on Thursday, signaling potential upward movement.
👉 Bitcoin’s next breakout could target $106,457.
If BTC breaks above $100,000*, expect a rally toward the January high of **$106,457. Conversely, a drop below $94,000** may test **$90,000*.
Ethereum Shows Signs of Recovery
Ethereum (ETH) is up 3% this week, trading at $2,740 on Friday:
- Trend: Rebounded after a 9% correction last week.
Indicators:
- RSI: 44 (up from oversold 30), suggesting reduced selling pressure.
- MACD: Bullish crossover last week, supporting upward potential.
Key Resistance: The $3,000 psychological level. A breakout here could reignite bullish momentum.
👉 Ethereum’s roadmap points to renewed strength.
Warning: A close below $2,359** might trigger a decline to **$1,905.
Ripple (XRP) Faces Downward Pressure
XRP struggles to hold $2.72:
- Recent Action: Rejected at $2.72** twice this week, now trading near **$2.64.
- RSI: 49, indicating weak momentum.
- Critical Support: $1.96 if the downtrend continues.
Upside Scenario: A close above $2.72** could retest **$3.40.
FAQ
Q: When will Bitcoin exit its consolidation phase?
A: A decisive break above $100,000** or below **$94,000 should signal the next major move.
Q: Is Ethereum’s recovery sustainable?
A: Yes, if the RSI sustains above 50 and ETH holds $2,359.
Q: What’s the key level for XRP?
A: Watch $2.72—reclaiming it could invalidate the bearish outlook.
Final Thoughts:
- BTC: Volatility ahead.
- ETH: Cautious optimism.
- XRP: Needs to defend $2.64 to avoid further losses.