Crypto markets started moving higher and the general outlook remains extremely positive for now. Led by Bitcoin also altcoins resumed their upside in general. According to some analysts, Ethereum might move towards USD 15,000 medium term, while the USD 4,000 already remains in sight.
Friday last week marked the twelfth day with consecutive inflows of an accumulated USD 6.6 billion into spot bitcoin ETFs. BlackRock’s Bitcoin Trust was able to accumulate nearly USD 500 million Dollars in value on Friday alone.
Some headwinds might come from the US. Some analysts see a potentially correction due to the new bills implemented by the Senate in the US. The Genius Act would legitimize stablecoins as settlement instruments.
Technical analysis:
– BTC: Bitcoin is trading at USD 118,495. Following the strong breakout two weeks ago the market seems to remain in a sideways pattern. After initially retesting a breakout above the USD 120,000 level the price of Bitcoin fell back below that important psychological zone.
BTCUSD, weekly chart
Based on the recent charting pattern, BTC might now remain capped at current levels. The market might take some time for now heading lower initially before another attempt towards the USD 130,000 level might be seen. The general outlook still remains positive, unless the price falls below the USD 110,000 level.
– ETH: Ethereum is trading at USD 3,762. Following the bullish momentum of BTC, ETH was able to push higher as well last week. Based on the monthly chart below the price of Ethereum might now move higher as well.
ETHUSD, monthly chart
As the charting pattern above shows, the bullish momentum above the 50- moving average remains intact. A break of the USD 3,800 level could then ignite fresh buying potential, potentially lifting the market towards the USD 4,800 price zone. Should the price continue moving higher much higher levels might be tested.
– XRP: Ripple is trading at USD 3.5500. The most remarkable move higher, based on the charting pattern, has been made by Ripple. The price was able to break all- time- high of nearly USD 3.4000 moving towards the USD 4.0000 price zone.
XRPUSD, weekly chart
More upside might now be seen, given the recent push higher. Fibonacci extensions point towards the range of USD 4.5000, based on the previous high and the following correction. XRP has been moving higher without major news events, which might also be the case this time, if the trend persists.
– SOL: Solana is trading at USD 182.80. Among all the observed tokens, Solana continues to lag strong momentum. The market has moved higher but a major break to the upside has not been done, yet.
SOLUSD, weekly chart
Only if the market can break the USD 200.00 level, stronger upside momentum might be seen. Then, prices might quickly move towards the USD 300.00 level. Vice versa, a break below the 50- moving average, which currently sits at USD 157.69, might indicate that the price will fall back the USD 120.00 price range.
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