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Crypto Market Update: Bulls Pump $18 Billion – Bitcoin (BTC) and Ripple (XRP) Overview

crypto-market-update-bulls-pump-18-billion-bitcoin-btc-and-ripple-xrp-overview
  • Some experts predict Bitcoin will trade above $5,200 in the coming few days.
  • As far as technical levels are concerned, Bitcoin is steadily losing momentum.
  • Ripple triangle breakout sends it close to $0.4.

The crypto market has today experienced the biggest bullish move since the beginning of 2019. The majority of cryptocurrencies spiked in formidable gains led by Bitcoin which for the first time since November 2018 broke above $5,000. The massive gains had Bitcoin jolted the market upwards adding $18 billion in less than 24 hours to the current $163 billion. The daily trading volume spiked as well to $57 billion in the last 24-hours.

Bitcoin [BTC] Price Overview

Bitcoin is trading at $4,740 on Coinbase following the rejection from the levels slightly above $5,000. BTC/USD has formed s weak support at $4,750 but the ongoing bearish trend is likely to send BTC towards $4,700. Some experts have predicted that Bitcoin will trade above $5,200 in the coming few days. However, due to the fact that the recent 20% has not been explained, it means that this could also be a bear trap and declines impend.

Chart Source: TradingView

As far as technical levels are concerned, Bitcoin is steadily losing momentum. The RSI has changed direction to the south, although it is still in the overbought. In order to prevent further breakdown, BTC bulls need to pull Bitcoin above $4,800 and focus on attack $5,000 again in the short-term. Meanwhile, we can expect $4,600 and $4,200 to come handy in the event declines progress.

Also Read: Senior Market Analyst on Bitcoin Price Surge: ‘It Doesn’t Seem Like Many People Are Selling’

Ripple [XRP] price overview

Ripple ballistic rise has brought it close to $0.4 but formed a high roughly at $0.39. Ripple is likely to have reacted to the rise in Bitcoin price. The crypto market is relatively young (roughly 10 years) and altcoins correlation with Bitcoin price is still very evident. However, it is essential to note that XRP/USD broke out of the contracting triangle resistance. This move extended the gains above $0.33 before the momentum came to a halt short of $0.4. At press time, Ripple is still in an upward trajectory and if the technical levels stay the same, a correction past $0.4 is still possible.

Ripple Price
Chart Source: TradingView

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