- Bitcoin stabilizes near $111,500, with bullish momentum building toward the $120,000 target.
- Ethereum continues its recovery, hovering around $2,700 after bouncing from key support levels earlier in the week.
- Ripple holds above the 50-day EMA at $2.30, signaling potential for a push toward the $3 psychological level.
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) continue to show signs of strength heading into the weekend, with bullish sentiment lifting prices. BTC is holding steady above $111,000 as traders eye the long-awaited $120,000 milestone. Meanwhile, ETH and XRP prices found support at their key levels, suggesting the uptrend may carry ETH toward $3,000 and XRP toward $3.
Bitcoin bulls gain momentum, targeting the $120K mark
Bitcoin’s price rallied and broke above its all-time high of $109,588 on Wednesday. It continued its rise, setting a new ATH of $111,980 the next day. At the time of writing on Friday, it stabilizes at around $111,000.
BTC enters a price discovery mode: if it continues its upward trend, it could extend the rally toward a key psychological level of $120,000.
The Relative Strength Index (RSI) on the daily chart reads 76, above its overbought level of 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator also showed a bullish crossover on Wednesday, giving buy signals and indicating an upward trend.
BTC/USDT daily chart
If BTC faces a pullback, it could extend the correction to retest its key support at $105,000.
Ethereum aims for the $3,000 mark as it rebounds from the 200-day EMA support
Ethereum price has retested and found support around its 200-day Exponential Moving Average (EMA) at around $2,446 since last week. On Wednesday, it recovered nearly 5% by the next day. At the time of writing on Friday, it continues to trade higher at around $2,700.
If ETH continues its upward trend, it could extend the rally to retest its key psychological level at $3,000.
The RSI on the daily chart reads 74, above its overbought level of 70, indicating strong bullish momentum. However, traders should be cautious as the chances of a pullback are high due to its overbought condition. Meanwhile, the MACD indicator also showed a bullish crossover on Thursday, giving buy signals and indicating an upward trend.
ETH/USDT daily chart
On the other hand, if ETH declines and closes below its 200-day EMA at $2,446, it could extend the decline to retest its key psychological level at $2,000.
XRP holds strong at its 50-day EMA
XRP price rebounded after retesting its 50-day EMA at $2.30 last week and recovered slightly.
However, as of this week, it again declined and rebounded from this level, recovering 3%. On Friday, it continues to recover, trading at around $2.46.
If XRP continues to recover, it could extend the recovery to retest its next resistance at $2.72 before heading toward the $3 mark.
The RSI on the daily chart reads 58, above its neutral level of 50 and pointing upward, indicating bullish momentum. The MACD indicator is also about to flip a bullish crossover. It could further support the bullish thesis if it successfully completes a bullish crossover.
XRP/USDT daily chart
If XRP breaks and closes below its 50-day EMA on a daily basis, it could extend the correction toward its next key support at $2.23.
Bitcoin, altcoins, stablecoins FAQs
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin’s market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
