The cryptocurrency market had a slight scare today as Bitcoin price cracked a critical support level at $33,850. However, the bearish breakout turned out to be a fakeout as bulls quickly pushed BTC price from $33,400 to $35,000 within a few hours of the dip.
The total market capitalization continues to fluctuate above and below $1 trillion as Bitcoin’s dominance seems to be coming back even if only slightly.
Bitcoin price defends crucial support level
On the 12-hour chart, BTC price had established a symmetrical triangle pattern with a support level around $33,800. Today bears managed to push Bitcoin price below this level and down to 33,400 in what seemed to be a clear breakdown. However, bulls quickly bought the dip pushing the digital asset above $35,000 within a few hours of the dip.
This fakeout is a strong bullish indicator in the short-term and signals short-sellers to be extra careful.
The triangle pattern remains in play with the resistance trendline formed at $38,000 and a potential breakout target above $50,000.
Ethereum price still aims for $2,000
The recent ETH sell-off after touching a new all-time high on several exchanges was not strong enough to pose a threat for the bulls. Ethereum price defended the daily 12-EMA and bulls bought the dip at $1,235 pushing the digital asset above $1,300 again.
The Eth2 deposit contract now holds close to 2.8 million ETH inside which are locked for a long period of time. The digital asset faces practically no barriers to a new all-time high which could be set within the next week.
In the past 24 hours, Bitcoin has been slightly outperforming Ethereum but it’s no surprise considering the recent breakout.
XRP price doesn’t move despite Pornhub accepting it as a payment option
Earlier today, Pornhub announced that it would start to accept XRP among a few other cryptocurrencies as new payment methods on the platform. Pornhub got canceled by Mastercard and Visa in December 2020 amid allegations of illegal videos uploaded on the platform.
XRP/USD daily chart – TradingView
Back in 2019, PayPal was the first to suspend payments to Pornhub. The platform is now supporting over 10 cryptocurrencies as payment options.
However, this didn’t help XRP price which remains at $0.29 and shows no signs of recovery. The digital asset got rejected once again from the 26-EMA on the daily chart and could be on the verge of a massive breakdown towards $0.20
.
Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analysis
Recommended posts
-
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030? -
Ripple Price Prediction: XRP Seems Poised for a 27% Move Soon -
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market briefly corrects, but bulls buy the dip
-
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right -
Top 3 Price Prediction: Bitcoin, Ethereum and Ripple on the verge of a massive breakout - XRP Price Breaks Out Climbing Above $0.60 Again
- Ripple Price Prediction: XRP Could be Poised For Further Correction Down to $0.40
-
Yearn.Finance Price Prediction: YFI is on the verge of a 20% breakout - Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC aims for $37,000 as next target
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC aims for $53,000 if this level breaks
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC Hits $40,000 Again as Bull Market Returns
- Ripple Price Prediction – How High will XRP Reach in 2025?
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH hits new all-time high and aims for $2,000
- XRP and BNB Prices Are On The Verge of Massive Breakouts
-
How High will XRP Price reach after Ripple wins the SEC Lawsuit? XRP 3$? - Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Market crashes as BTC plummets to $34,000
You might also like
More from Bitcoin
List of Countries Banning Cryptocurrency
Cryptocurrency has been gaining popularity in recent years as a decentralized form of currency, but not all countries have …
Bitcoin FAILS to breach 30K higher…Will Bitcoin crash to 20K?
May 2023 has not been kind to Bitcoin prices. Will Bitcoin crash to 20K? Let's analyze in this Bitcoin price …
Bitcoin stabilizes around 28K, but BTC price at $50,000 soon?
What is the Bitcoin price forecast for the second quarter of 2023? Can BTC reach $50,000? Let's analyze in this …
