Bitcoin Eyes $65,000 Milestone Amidst Market Resilience

Bitcoin has shown remarkable resilience in recent days, bouncing off the key psychological level of $62,000 and setting its sights on the $65,000 milestone. Meanwhile, Ethereum has broken through its resistance barrier, and Ripple is holding steady above its support level, indicating potential upward trends for all three cryptocurrencies.

Key Takeaways

• Bitcoin price bounces off $62,000, targeting $65,000.

• Ethereum breaks above resistance, signaling bullish momentum.

• Ripple stabilizes above $0.544, hinting at continued upward movement.

Bitcoin Gains Momentum

Bitcoin (BTC) recently broke above the ascending trendline and the 100-day Exponential Moving Average at $61,000 on September 18. Following this, it rose by 3% over the next four days, finding support around the psychological level of $62,000. As of now, Bitcoin continues to trade above $63,800.

If the support at $62,000 holds, BTC could continue its upward trajectory, aiming to retest its daily resistance level at $65,379. The Moving Average Convergence Divergence (MACD) indicator supports this bullish outlook, showing a crossover on the daily chart. The MACD line has moved above the signal line, indicating a buy signal, while rising green histogram bars suggest potential upward momentum.

The Relative Strength Index (RSI) currently sits at 63, indicating that Bitcoin is not yet overbought. However, if it enters the overbought zone (above 70), traders may be advised to refrain from adding to their long positions, even if the rally continues.

Ethereum Sets Stage for a Rally

Ethereum (ETH) has also shown promising signs, breaking above its descending trendline and closing above its daily resistance level at $2,461. As of now, it is trading at approximately $2,681.

If the $2,461 level holds as support, ETH could continue its upward movement, potentially retesting its August 24 high of $2,820. The MACD indicator further supports this bullish trend, showing a crossover and rising histogram bars above the neutral line.

The RSI for Ethereum is currently at 61, indicating bullish momentum is gaining traction. However, if Ethereum closes below the $2,461 support level, it may decline further to retest its September 6 low of $2,152.

Ripple Price Stabilizes Above Support

Ripple (XRP) has stabilized above its daily support level of $0.544, which coincides with the 200-day EMA at $0.552. Currently, XRP is trading around $0.589.

If the support levels hold, XRP could continue its upward trend, aiming to retest its daily resistance level at $0.626. The MACD indicator also shows a bullish crossover, indicating potential upward momentum.

The RSI for Ripple is at 56, suggesting that bullish momentum is building. However, if XRP closes below the $0.544 support level, it could decline by 7.5% to retest its September 6 low of $0.502.

Conclusion

The cryptocurrency market is showing signs of resilience, with Bitcoin, Ethereum, and Ripple all positioning for potential rallies. As Bitcoin eyes the $65,000 milestone, traders and investors will be closely monitoring these key support and resistance levels to gauge future movements in the market. With the indicators suggesting bullish momentum, the coming days could be pivotal for these cryptocurrencies.

Sources

• Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin shows resilience, sets sight on $65,000 milestone, FXStreet.