Top 3 Bitcoin, Ethereum, Ripple Price Analysis: Is BTC Going To $70,000?
The post Top 3 Bitcoin, Ethereum, Ripple Price Analysis: Is BTC Going To $70,000? appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) price led the cryptocurrency market on a targeted recovery on Thursday, which continued in the early hours of Friday before cooling off during the European and American sessions. Ethereum (ETH) price rallied in tandem with the largest digital asset while Ripple (XRP) price faced increasing selling pressure. Bitcoin Price Rallies Amid Volatile Open Interest Bitcoin price made a surprise move toward $62,000, extending the uptrend from Monday’s low at $49,000. A Matrixport report attributed the drastic rally to oversold conditions after BTC price led cryptocurrencies to a colossal crash on Monday. Based on a previous Bitcoin price prediction, the release of US inflation data next week could provide momentum to continue the rally to $70,000. Another lower inflation print is expected to guide the Federal Reserve’s decision on interest rates. A rate cut could propel BTC to achieve a new all-time high, targeting $80,000. Bitcoin price chart: Tradingview Despite the sharp uptick, BTC has started to retreat and may test $60,000 support. Should the correction extend below this level, it will confirm that traders are unwilling to take risks. A 65% one-day drop in BTC open interest across three exchanges calls for caution when trading Bitcoin price this month. Historically, August is known for low volumes and liquidity, which may impact price increases. Bitcoin futures OI chart Ethereum Price Stalls as Bearish Signals Loom Ethereum price renewed its bid for the $3,000 target on Thursdays following a brief hiatus under $2,500. Traders aggressively bought the second-largest digital asset as a buy signal from the Moving Average Convergence Divergence (MACD) catalyzed the uptrend. Bulls successfully challenged the hurdle at $2,700 but took a breather soon after, hinting at low liquidity or profit-taking among investors. Besides, the 50-day Exponential Moving Average (EMA) limits upside price movement above $2,700. A bear flag…
Filed under: News - @ August 9, 2024 9:16 pm