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.
BTC/USD 12-hour chart – TradingView
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.
ETH/USD daily chart – TradingView
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
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