Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are currently holding firm near pivotal level which are hinting at the possibility of an uprise ahead. Speculation is building around these three cryptocurrencies, with many expecting a short-term rally soon and this week could be pivotal.
The landscape for crypto regulations is also turning increasingly favorable, which may attract fresh institutional capital into these biggies Bitcoin, Ethereum, and XRP. Similarly, the recent $5 trillion increase in the US debt ceiling supports this theory, as history shows that such moves has often benefited the crypto market.
Moreover, companies like Metaplanet are actively accumulating Bitcoin, raising expectations for its price. On the Ethereum front, the fundamentals are strengthening, while Mercado Bitcoin’s integration with the XRPL signals positive developments for XRP.
As the week unfolds, all eyes will be on these cryptocurrencies to see if they can capitalize on the current momentum and regulatory environment.
Bitcoin (BTC):
Current Status: Holding just below $108500 and it is consolidating above a breakout point in a flag pattern.
Recent Performance: Bitcoin’s price has risen by 3% over the last week and 8.5% over the last two weeks. It is currently down 1.91% from its 7-day high of $110,590.
Market Sentiment: Bullish, driven by strong corporate and institutional demand and spot Bitcoin ETF inflows. Indicators like the daily RSI at 55, above the median line, CMF at 0.11, AO histogram rising, and MACD displaying bullish crossover suggest continued upward momentum.
Outlook: If the upward momentum continues, the price could target the all-time high of $112K in the next week. While crossing $112, a new discovery of $120K could be on Bull’s list for the end of July.
Ethereum (ETH):
Current Status: Trading around $2,549 and inching close to a critical resistance after finding support at $2,473 this week from the 200-day EMA band.
Recent Performance: Ethereum’s price has risen by 2.93% over the last week and 18.98% over the last two weeks.
Market Sentiment: The sentiment is turning bullish with whale investors rising. Technical tools like MACD at 53, CMF at 0.07, AO rising, and MACD showing bullish crossover highlight potential for a short-term rise.
Outlook: A move above $2,695 could spark upward momentum, potentially testing resistance at $2,872 or even reaching $2,800–$3,100. However, failure to break through $2,695 could lead to a retest of support levels around $2,455 or $2,185 to –$2,233.
XRP (XRP):
Current Status: Trading in a falling wedge’s upper border after taking support from $2.21.
Recent Performance: XRP price has risen by 5.0% over the last week and 18% over the last two weeks.
Market Sentiment: The sentiment is turning bullish, with a short-term EMA golden cross on the horizon, indicating a strong potential for a breakout this time. Technical tools also suggest possible upward momentum with CMF at 0.09, AO histogram rising, MACD already given a golden cross, and RSI has bounced from the median line at 56.
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