The crypto market has experienced a bearish trend today with popular cryptocurrencies like Bitcoin, Ethereum and XRP facing strong support at key levels. The fear and greed index at 28 indicates a potential bearish moment in the short-term. However Investors and traders should keep a close eye on the market movement as fear and greed index is presenting a fearful sentiment.
Bitcoin, Ethereum and XRP experienced a short-term upside movement before facing selling pressure which led to a market downturn. Donald Trump’s crypto strategic reserve, US trade tariffs and other macroeconomic factors directly impact the movement of the cryptocurrency market which led to a bearish trend.
Bitcoin (BTC) Price Prediction
Bitcoin is facing strong rejection at the $95,000 level so it is unable to sustain the $90,000 level. At the time of writing this article, Bitcoin is trading at $86,242, down by 4.08% in the last 24 hours while the volume has dropped nearly 22.36% to $45.52 Billion.
Bitcoin Price is hovering around $85,000 recently. If Bitcoin price can’t sustain $85,000 level then it is highly likely Bitcoin could retest $82,000 level which will act as the next support. If the bearish momentum continues, a breakdown below this level could force Bitcoin price towards $80,000 which is the next support.
Market observers’ bold prediction on Bitcoin says that sharp decline in US Dollar index (DXY) could reshape Bitcoin price. BTC has always experienced a trend reversal after hitting bottom when the US Dollar index drops. It is likely Bitcoin could reclaim $90,000 level in the short-term if a trend reversal occurs. A breakout above this price could push the BTC price towards $95,000 then $100,000 with higher buying momentum.
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Ethereum Price Movement
Ethereum (ETH) has also undergone a pullback and is currently trading at $2,192.36, down by 0.18% in the last 24 hours. This bearish sentiment has reduced the interest of traders. As a result, Ethereum 24 hour volume has reduced by 18.49% to $16.51 Billion.
Ethereum (ETH) Price Prediction
Ethereum (ETH) has a strong support at $2,125 and next at $2,100. If ETH price fails to sustain this support level then it could fall further towards $2,000 which is the psychological support level. If ETH price falls below $2,000 level then it could retest its next support at $1,905.
Similarly ETH has a resistance at $2,359 level. If ETH price maintains recovery and sustain above the aforementioned resistance level then it could rally towards the next resistance at $3,000. However the RSI at 35 and MACD indicators are suggesting a bearish trend so Investors must keep above key levels while setting up their trade.
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XRP Price Prediction
XRP (Ripple) also has experienced a massive sell-off in the past 24 hours. XRP Price dropped 6.26% while market cap declined by 5.80% and volume dropped 13.28% to $7.02 Billion. Despite taking a hit, market observers are highly bullish on XRP and predicting further gains in the coming days due to breakout and bullish indicators.
Analysts predict that XRP might reach new highs in the near future with one analyst suggesting a potential surge to a new all-time high of $33 in the next 28 days. XRP will face several key resistance before reaching this ambitious mark of $33. As per the Fibonacci retracement, XRP faces resistance at $8.38 and $13.67 before reaching this huge milestone.
In the short-term it is likely XRP could reach $2.80 if it breaks the $2.50 price level. Similarly XRP has a strong support at $2.30 level. If Ripple’s price fails to sustain this support level then it could further fall to $2.20 and with further selling pressure it could reach the next psychological support at $2.00. If XRP Price fails to sustain $2.00 level then it might face the next supports at $1.78 and $1.57
FAQs
Why is Bitcoin price falling?
Bitcoin price falling due to Donald Trump’s announcement on Strategic Bitcoin reserve which generated selling pressure. Due to high selling pressure and reduced interest on buying contributed to the price fall of Bitcoin.
Will XRP reach $10?
XRP reaching the ambitious $10 mark is unlikely in the short-term. However, Ripple’s ETF approval and further buying interest could lead to a short-term uptrend towards $2.80.
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