Contrary to some expectations, the approval of a spot Bitcoin ETF did not lead to an extended market downturn. Instead, Bitcoin swiftly rebounded from a support level of $38,500 and even broke the month’s high, reaching $50,334. This resurgence also sparked a positive trend among altcoins, signaling a potential ongoing bullish phase in the market.
Remarkable Climb for Bitcoin
Bitcoin has recently overcome a significant price hurdle by moving past the $50,000 mark, although analysts suggest that the $52,000 level could be the next challenge. A continued bullish trend and favorable market conditions could propel Bitcoin towards $60,000. However, a dip below $48,970 could trigger a price correction, possibly sending it down to $44,700.
Ethereum Shows Bullish Signals
Ethereum has been bolstered by several positive developments and a robust market sentiment. The cryptocurrency has managed to hold its ground above $2,507. With resistance levels such as $2,600 already surpassed and technical indicators showing strength, Ethereum’s price may surge towards $2,717. Conversely, a break below the critical $2,400 support could lead to a decrease down to $2,100.
Ripple Experiences Resistance
In contrast, Ripple’s XRP has faced challenges, struggling to cross the 20-day EMA of $0.52. XRP’s price remains under $0.54, and an increase in selling pressure could see it test support levels at $0.5 and potentially $0.46. A positive breakout, on the other hand, might lead to a rebound up to $0.67, but for now, XRP bulls appear hesitant to take action.