- BTC slows down before kick-starting an upward movement to retest the high of $47,609.
- Ethereum price witnesses a rebound of the support level at $3,061, moving towards the 2-day supply region that extends between $3,675 and $3,862.
- Bitcoin’s upward move triggered upswings in most alternative coins.
Bitcoin (BTC) shows bottoming signals before embarking on a new upward trend. Though the asset faces rejection near a supply region, a massive surge might follow this development, propelling the bellwether crypto to higher levels. Altcoin such as ETH and XRP appears positioned for upward moves.
BTC Prepares for Upside Actions
BTC price formed a triple bottom neat $41K after gathering liquidity beneath the level. The resulted upward move saw Bitcoin retesting the one-hour supply territory that extends between $42,790 and $43,037.
A decisive close beyond this hindrance will switch the mentioned obstacle to a breaker, catalyzing a new upward move. The resulting upward action will likely see Bitcoin price rallying towards the previous week low near $45,874, or the following barrier around $47,609. That will mean Bitcoin climbing by 12% and might continue to 14% if the crypto retests the 200-day SMA at $48,378.
Though everything seems upside for BTC, a significant close beneath $39,487 will form a lower low, nullifying the bullish idea.
Ether Price Encounters Significant Barrier
Ethereum price showed substantial momentum as the alt bounced off the $3,061 weekly support. Though the second-largest token started an uptrend, Ether should overpower the 200-day Simple Moving Average near $3,445 to eye higher level.
Overcoming the mentioned obstacle may see Ethereum retesting the supply region that stretched between $3,675 and $3,862. If ETH bulls persist, the altcoin may rally towards the weekly resistance zone near $4,066.
Meanwhile, ETH breaching the support floor at $3,061 might see it retesting the subsequent zone at $2,712. Breaching this level will print a lower low, ruining the bullish theory.
The bullish actions by ETH and BTC triggered upswings in the crypto spectrum. While publishing this content, XRP seems ready to kick-start a stable upside move. However, the remittance crypto will battle multiple hurdles in its upward journey.
Stay tuned for more crypto news.