Cryptocurrency Market Update: Bitcoin Has Clear Path To $8,000, Ethereum And Ripple Facing Key Barriers
- Bitcoin price encounters resistance immediate after breaking above $7,700 but support at $7,500 protects the bullish effort.
- Ethereum proves the ability to recovery after testing $170 support and rising to levels close to $190, although $200 critical level is it at bay.
The cryptocurrency market is in the green as the European session takes over from the Asian session. The last two days have been particularly fruitful for the digital asset market. For example, Bitcoin managed to detangle itself from the crude oil crash on Monday that saw traditional stocks and futures market suffer dearly.
The total market capitalization has extended its leg upwards hitting $216 billion at the time of writing. On the other hand, the trading volume has remained relatively stable only rising by $4 billion from $150 recorded on Thursday.
Bitcoin Price Update
BTC/USD is trading at $7,534 at the time of writing. It has advanced upwards by 0.55% on the day from an opening value of $7,493. The bullish action on Thursday scaled the levels above $7,700 but the momentum became unsustainable. Support has been established at $7,500 to give the bulls time to gather the strength for another assault at $8,000 preferably before the end of April.
Chart of the day: BTC/USD daily
Ethereum Price Update
ETH/USD has been among the best-performing cryptocurrencies on the market in the past seven days. The crypto began by extending the bullish action above $191 last week. However, a retreat so it confirm the support at $170 before rising top the current levels at $188. The main aim is to break the resistance at $200 but first the stubborn seller congestion in the zone between $190 and $192 must be dealt with and overcome. The prevailing technical picture is bullish in spite of the stalling under $190.
Ripple Price Update
XRP/USD has accrued 1.35% in gains on Friday; mainly during the Asian session. The bullish wave that swept across the market on Thursday pulled Ripple above the former hurdle (now support) at $0.19. Price action continued but failed to break the next seller congestion zone at $0.20. At the moment, XRP/USD is trading at $0.1954 amid shrinking volatility. In other words, the barrier at $0.20 is likely to remain in favor of a consolidation period above $0.19.
Ethereum proves the ability to recovery after testing $170 support and rising to levels close to $190, although $200 critical level is it at bay.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Fri, 24 Apr 2020 05:14:51 +0000
![Editorial: Growing Institutional FOMO Is Making Bitcoin [BTC] Highly Underpriced](https://thebitcoinstreetjournal.com/storage/2020/12/JS3wik.gif "Editorial: Growing Institutional FOMO Is Making Bitcoin [BTC] Highly Underpriced")
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