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Bitcoin bounces back and gets closer to the $100,000 mark.
After a strong drop this week, the price of Bitcoin continues to rise and approaches the $100,000 milestone on Friday. A rally is anticipated in the next few days as Ethereum and Ripple close over their major resistance levels.
Last week, the price of Bitcoin hit an all-time high of $99,588 before beginning to fall. On Tuesday, it dropped 7%, hitting a low of $90,791. On Wednesday, though, it made a tiny recovery. It is still recovering and trading at about $96,200 as of Friday's writing.
Bitcoin Price Prediction
Bitcoin may rise to its all-time high of $99,588 if it keeps recovering. The Relative Strength Index indicator on the daily chart shows bullish momentum with a reading of 67, above its neutral level of 50. On Tuesday, the Moving Average Convergence Divergence indicator displayed a bearish crossover, indicating sell signals, so traders should be careful.
If Bitcoin is unable to recover and the downturn develops, it might extend the slide to retest its crucial psychological level of $90,000.
Ethereum Price Predictions
The price of Ethereum increased 9.8% on Wednesday and closed above the weekly barrier level of $3,454. On Friday, it traded down a little to about $3,560.
Ethereum might rise to retest the mentally important $4,000 milestone if the $3,454 level remains as support. The RSI’s daily chart is at 66, which shows that the upward trend is gaining ground well below overbought levels.
But, ETH can experience a downturn to retest the $3,000 support level if it drops and closes below the $3,454 mark.
Ripple Price Predictions
Last week, the price of Ripple closed above the weekly hurdle level of $1.40, but it experienced a decline. It gained 10.6% until Thursday after finding support at this level on Tuesday. It is still trading higher at about $1.54 as of Friday.
XRP may continue to rise and regain its three-year high of $1.96 if the $1.40 level holds as support. On the other hand, the RSI 85 daily chart indicates oversold conditions and a growing chance of a drop. The departure of the RSI from the oversold zone may indicate a reversal.
XRP may continue to fall to challenge the 50% price recovery mark at $1.12. This recovery derived from its April 2021 high of $1.96 to its June 2022 low of $0.28 if it breaks and closes below $1.40.
