After suffering weeks of turbulence due to an ongoing tariff war between U.S. and other nations, the cryptocurrency market has displayed a strong bullish bounce back over the past few days. This has resulted in the crypto market valuation rising to $2.62 trillion with an intraday jump of over 5%.
Following this, the Bitcoin price is back above the $84,000 mark, suggesting an increase in the bullish influence.
Moreover, top altcoins such as Ethereum & XRP have experienced similar price action by breaking out of their important resistance levels. Considering the present market sentiments, the crypto market hints at a bullish week.
BTC Price Reclaims $84,000 Mark
Bitcoin price today has successfully reclaimed the $84,000 mark with an intraday jump of ~1% and a trading volume of $32.236 billion. Notably, this crypto token has formed higher lows over the past week and is displaying a long wick in its recent candle. This pattern highlights a strong buying pressure for it in the market.
The Relative Strength Index (RSI) has successfully retested in a neutral point in the 4H time frame. Moreover, it is on the verge of experiencing a positive convergence along with its average trendline, suggesting an increase in the buying-over-selling pressure for the largest crypto token in the market.
Suppose the market favors the bulls; this could push the price of Bitcoin toward its important resistance level of $88,000 this week. On the contrary, a bearish reversal could pull the price toward its low of $80,000 in the near future.
ETH Price Records Higher Lows Over the Weekend!
Following in the footsteps of the largest cryptocurrency, the ETH price today has displayed a similar price trend by breaking above its important watch level of $1,600. As a result, the market dominance of this altcoin has increased to 7.21%, with a market cap of $197.805 billion.
The technical indicators SMA & RSI are both on the path of displaying positive crossovers in the four-hourly time frame. This indicates that the Ethereum price may trade under a strong bullish influence, resulting in it achieving a new weekly high.
If the bullish sentiment sustains, the price of Ethereum may head toward its crucial resistance zone of $1,800. However, if the bears outrun the bulls, the price of this altcoin could retest its pivotal low of $1,500 this week.
XRP Price Holds Its $2 Mark
The XRP price has successfully reclaimed its lost momentum by adding approximately 20% to its valuation over the past 7 days. This has resulted in this altcoin wiping out all its losses of April and trading back around the mid-March levels.
The Simple Moving Average (SMA) constantly acts as a support to the XRP coin price. Moreover, the RSI indicator hovers close to the overbought range in the 4H time frame. This highlights an increase in the confidence of investors in this digital asset.
The Ripple price could head toward its important resistance level of $2.50 if the market continues favoring the bulls. Conversely, if the liquidation increases, this could result in this altcoin plunging toward its low of $2 during the upcoming days.
Also Read: Bitcoin’s Bullish Towards $90K Target Amid Whales’ Accumulation
