Bitcoin (BTC) took a breather on Monday after rebounding from a 7% correction last week. Meanwhile, Ethereum (ETH) and Ripple (XRP) continued their rallies, benefiting from a shift in investor capital from Bitcoin to altcoins, suggesting potential for further upward momentum across the crypto market.
Bitcoin’s Consolidation After Pullback
Bitcoin experienced a significant pullback last week, dropping to $90,791 before recovering to $97,000 by Friday, and has been consolidating since. As of Monday, BTC traded slightly lower at around $96,600. If the cryptocurrency maintains its bullish trend, it could aim for its all-time high (ATH) of $99,588.
The Relative Strength Index (RSI) on the daily chart sits at 65, above the neutral level of 50, suggesting bullish momentum. However, the Moving Average Convergence Divergence (MACD) indicator flashed a bearish crossover on November 26, signaling potential sell pressure. Should BTC fail to sustain its rally, a further decline could push it back toward the psychological $90,000 level.
Ethereum Eyes $4,000 Mark
Ethereum surged past the key resistance of $3,454 last Wednesday and continued its upward momentum, reaching $3,691 by Monday. If ETH holds above $3,454 as support, it could rally further, targeting the $4,000 level.
The daily RSI for Ethereum stands at 68, indicating solid bullish momentum without reaching overbought levels. If Ethereum experiences a pullback and closes below $3,454, it could revisit the $3,335 support level.
Ripple’s Strong Bullish Momentum
Ripple (XRP) gained more than 60% last week, hitting a new three-year high of $2.35. The cryptocurrency extended its gains on Monday, trading above $2.41. If the bullish trend continues, XRP may aim to test the $2.66 resistance.
However, the RSI is at a high 93, signaling overbought conditions and increasing the likelihood of a correction. A move out of overbought territory could indicate a potential pullback for Ripple in the near term.
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