- The cryptocurrency market is on the rise again. Bitcoin (BTC) rose to an all-time high of $ 28,580 in an effort to settle above $ 28,000 and early in Asia. Since then, the leading digital asset has dropped to $ 27,700, but is still in the green zone both daily and weekly. XRP hovered around $ 0.20 after a massive sale for $ 0.17 on Tuesday, December 29, while ETH surged above $ 730. Other altcoins in the top 50 are in a stable position.
The cryptocurrency market is on the rise again. Bitcoin (BTC) rose to an all-time high of $ 28,580 in an effort to settle above $ 28,000 and early in Asia. Since then, the leading digital asset has dropped to $ 27,700, but is still in the green zone both daily and weekly. XRP hovered around $ 0.20 after a massive sale for $ 0.17 on Tuesday, December 29, while ETH surged above $ 730. Other altcoins in the top 50 are in a stable position.
The total capitalization of all digital assets in circulation has increased by over $ 40 billion in less than 24 hours and is fixed at $ 751 billion. Average daily trading volume is close to 200 billion dollars. Bitcoin’s market dominance has recovered by over 70%.
Bitcoin remains in the positive zone
Bitcoin (BTC) jumped to an all-time high but fell to $ 27,700 as of press time. Despite the negative correction, the coin is still above 5% on a daily basis. US President Donald Trump signed a second $ 900 billion incentive law. The announcement triggered a massive rally across all asset classes. Cryptocurrency experts believe that Americans may want to invest their incentive funds in Bitcoin, as they did with the first incentive funds. In this case, the market will see an increase in the number of new individual users.
Technically speaking, BTC could continue to pull back towards the former resistance of $ 27,000-26,700. If confirmed as a support, the upward momentum will push the price above $ 28,000 and back to its new all-time highs. On the 1-hour chart, this area is powered by EMA50 and EMA100, which means bears can be strained.
In / Out of the Money Around Price (IOMAP) data confirms that the price sits on top of a strong support area. More than 220,000 addresses bought 190,000 BTC from $ 27,000 to $ 26,700. This is followed by an even larger set of addresses with a breakeven point around $ 26,600. This area has the potential to absorb bearish pressure.
On the upside, once the $ 28,000 is reached, BTC will retest the all-time high of $ 28,580 and target the next psychological barrier at $ 29,000. A sustainable move above this area will take BTC in the uncharted region with the next big target of $ 30,000.
ETH fails again at $ 750
The ETH bulls made another attempt to break above the $ 747 critical resistance area created by the 0.5 Fibo retracement level for the downside move from January 2018 to the December 2018 low. As the upward momentum approached a significant hurdle, ETH fell to an intraday low of $ 717 before hitting $ 725.
On the intraday charts, ETH currently stands at the 1-hour EMA50, which is $ 725. The short-term trend continues to rise as long as the price stays above this area. A sustainable move below this level will trigger sales towards $ 700 and $ 688 (December 29th low). This support was strengthened by the 1 hour EMA100.
On the upside, $ 750 is a crucial target for ETH bulls. Once that resistance is lifted, the upward momentum will start to snowball and push the price up to $ 800.
Ripple attempts a recovery amid bleak fundamentals
XRP fell to $ 0.17 before inspiring a correction above $ 0.20 on Tuesday, December 29th. At the time of writing, the token is changing hands at $ 0.21, down nearly 7% on a daily basis and 42% on a weekly basis. Despite the recovery, the short-term trend is still down deeply, which means the price may continue to fall.
Cryptocurrency companies are continuing to remove XRP or suspend XRP trading. Cryptocurrency bank and credit card provider Wirex announced that it will remove XRP from its US launch. According to the email received by the company’s customers, Bitcoin Swiss has temporarily suspended XRP trading.
Technically speaking, the price fell below $ 0.22, the old channel support that has limited XRP’s decline since the end of July. If the price can’t move above this area, the XRP drop could psychologically try $ 0.2 and $ 0.175.
On the upside, the coin needs to recover from $ 0.25 above the weekly EMA50 to ease the sudden bearish pressure and allow further recovery towards the daily EMA200 of $ 0.295 and $ 0.32 channel resistance.
The critical bullish target is seen at $ 0.45. However, it’s unattainable at least until Ripple resolves its legal dispute with the SEC.