The cryptocurrency market is showing signs of stabilization as Bitcoin (BTC) bounces back above $85K, while Ethereum and XRP prices remain above $1,500 and $2 respectively. This positive development follows China’s announcement of new tariffs on U.S. imports in retaliation to President Donald Trump’s 145% tariff on Chinese goods. Moreover, this week’s CPI and PPI data came in below expectations, leading to a boost in Bitcoin and altcoin prices. With increasing buying demand, there is potential for a significant recovery rally in the upcoming week.
Bitcoin Price Analysis
Bitcoin has surpassed the crucial $85K mark and is now eyeing to sustain its recovery momentum towards upcoming resistance levels. Currently, BTC price stands at $84,864, marking a 3.2% surge in the last 24 hours.
The 20-day average price ($82,246) is on the rise, while the RSI (Relative Strength Index) is in the buying zone at level 64, indicating a decrease in downward pressure. Although Bitcoin faces strong resistance levels, a potential downside correction is possible. However, if buyers maintain momentum above $85K, the price could climb to $89,000 and even $95,000 in the following week.
Additionally, sellers may attempt to halt this upward movement and push the price back below the $78K support level. If successful, Bitcoin could retest the crucial $74.5K support level.
Ethereum Price Analysis
Ether has bounced back from the critical $1,500 mark as sellers struggle to suppress the price. At present, ETH price is at $1,645, showing a 5% surge in the last 24 hours.
The moving averages are trending upwards, and the RSI remains in positive territory, indicating an advantage for buyers. They are likely to defend the price above the descending resistance line, potentially propelling ETH price towards the key resistance level of $2,000 in the upcoming week.
Sellers, on the other hand, will seek to swiftly push the price below the EMA20 trend line to trigger a decline towards $1,386. This level is crucial as a break below it could signal a shift in momentum favoring sellers.
XRP Price Analysis
XRP has climbed back above $2 and is striving to maintain a trend above the EMA200 trend line on the 4-hour chart. Currently, XRP price is at $2.13, registering a 5.51% increase in the last 24 hours.
If XRP manages to surpass the 200-day moving average, it would indicate strong buying interest following the recent drop towards $2. This could potentially lead to a further rise towards the $2.25 resistance level, where sellers are likely to intervene. A breakthrough above this level could push the price towards $2.6.
In case of a retreat from the $2.25 level, sellers may push XRP/USDT downwards towards the critical support at $2. Buyers are expected to defend this level vigorously, as a breach could result in a further decline towards around $1.6.
