In the lead-up to the Easter holiday, Bitcoin‘s price has shown considerable strength, surpassing the $70,000 mark while similar upward movements are seen among other altcoins such as Ethereum and Ripple. Market liquidity remains available at various price points due to CME Gaps, and analysts suggest a stagnant market with Bitcoin’s price trapped in a range. Investors are advised to have short-term expectations in light of the market’s current directionless state.
Bitcoin Investors Favor Short-Term Strategies
Despite a spirited return from Bitcoin bulls, the absence of a distinct market driver has prompted investors to favor short-term positions, bracing for a potential correction. However, technical indicators like the RSI, MACD, and Awesome Oscillator hint at an uptrend, revealing increased market momentum.
Market Technicals Indicate Potential for Growth
The Bitcoin market may take two paths: if buying pressure persists, the price could shatter the $73,777 peak and climb higher, but profit-taking by traders may lead to a pullback. A dip below the demand zone of $61,509 would signal the start of a possible downtrend.
10% Price Correction on Horizon for Ethereum
Contrasting with Bitcoin’s steady performance, Ethereum may face a 10% correction to $3,160 before rebounding. As the MACD looks to cross below its signal line and AO histograms go red, the uptrend could weaken, although a resilient RSI indicates that an upward push is still within reach.
Ripple’s Fate Tied to Bitcoin’s Performance
Ripple’s valuation may drop below $0.60 if Bitcoin’s price falters, potentially leading to a decline within the current rising channel. Nonetheless, increased buying pressure could elevate Ripple above $0.70 and support at $0.8442 would signify a robust market reversal.