- Bitcoin price prints a fresh all-time high of $116,868, with bulls eyeing $120,000 as the next key milestone.
- Ethereum price flirts with the critical $3,000 resistance level, closing above could trigger a further rally.
- Ripple’s XRP closes firmly above the $2.47 resistance, with bullish momentum building toward $2.72.
Bitcoin (BTC) is extending its bullish momentum, trading above $116,000 on Friday after surging to a new all-time high of $116,868 the previous day. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps, rallying above their key resistances. With bullish structures forming across the top three cryptocurrencies, traders are eyeing higher targets, signaling further upside potential on the horizon.
Bitcoin prints fresh all-time high of $116,868
Bitcoin price consolidation around the upper boundary of a previously broken consolidation zone at $108,355 came to an end on Wednesday. It surged to reach a new all-time high of $116,868 on Thursday. At the time of writing on Friday, it hovers above $116,600.
As BTC enters into a price discovery mode, and if the upward trend continues, it could extend the rally toward its key psychological level of $120,000.
The Relative Strength Index (RSI) on the daily chart reads 71, 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 displayed a bullish crossover at the end of June. It also shows rising green histogram bars above its neutral zero line, suggesting bullish momentum is gaining traction and continuing an upward trend.
BTC/USDT daily chart
However, if BTC faces a correction, it could extend the decline to find support around the upper boundary of a previously broken consolidation zone at $108,355.
Ethereum could extend further gains if it closes above $3,000 resistance
Ethereum price rebounded after finding support around its daily level of $2,461 last week and rallied 10%, closing above its daily resistance at $2,724 on Wednesday. It continued its rally by 6.59% the next day and retested its key psychological level at $3,000. At the time of writing on Friday, it hovers at around $2,970.
If ETH closes above $3,000 on a daily basis, it could extend the rally toward its next daily resistance level at $3,730.
The RSI on the daily chart reads 72, above its overbought level of 70, indicating strong bullish momentum. Meanwhile, the MACD indicator displayed a bullish crossover last week. It also shows rising green histogram bars above its neutral zero line, suggesting bullish momentum is gaining traction and continuing an upward trend.
ETH/USDT daily chart
However, if ETH faces rejection from $3,000, it could extend the decline to find support around its daily level of $2,724.
XRP bulls are in control of the momentum
XRP price broke above the descending trendline (drawn by connecting multiple highs since mid-May) on June 30 and found support around its previous level over the next two days, rallying 4.5% until Sunday. As of this week, it continued to surge by nearly 13%, closing above its May 23 high of $2.47 on Thursday. At the time of writing on Friday, it hovers at around $2.57.
If XRP continues its upward momentum, it could extend the rally toward its daily resistance at $2.72, with eyes on $3.00 next.
The RSI on the daily chart reads 73, above its overbought level of 70, indicating strong bullish momentum. The MACD indicator on the daily chart displayed a bullish crossover last week and shows rising green histogram bars above its neutral level, suggesting bullish momentum and indicating an upward trend.
XRP/USDT daily chart
However, if XRP faces a correction, it could extend the decline to find support at $2.47.
