As price volatility in the cryptocurrency market increases, top coins continue to see large price swings in their respective portfolios. However, Bitcoin price has shown a bullish trend over the past few days as Bitcoin ETFs have seen positive inflows for eight consecutive days.
On the other hand, top altcoins like Ethereum and Ripple have also shown similar price action, adding a large amount of valuation to their portfolios in a short period of time. As bullish sentiment grows, is the cryptocurrency market about to usher in a bull run?
Taking a deeper look, in this article, we cover detailed market sentiment, price analysis, and short-term price targets for Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
BTC price records increasing bullish action:
As the sale of Bitcoin (BTC) seized in Germany was completed, the market leader Bitcoin price returned to the $62,500 mark. Notably, the BTC price rose 4.53% in the past day, with a trading volume of $25.317 billion.
The Moving Average Convergence Divergence (MACD) shows a rising green histogram, indicating that buying pressure exceeds selling pressure. In addition, the moving averages recorded a bullish convergence on the 1D timeframe, indicating a positive outlook for BTC prices this week.
Additionally, the SMA indicator recorded a positive crossover in the Bitcoin price chart, highlighting the growing bullish influence in the cryptocurrency space.
If the bulls sustain the BTC price above its important support at $61,000, then the star cryptocurrency this month will drop towards its overhead resistance at $67,775. Conversely, if the bears overwhelm the bulls, then the BTC coin will retest its lows at $60,819 in the coming period.
Ethereum price is about to see a major breakout:
After trading in a descending channel pattern for about two months, ETH price has trended higher in 8 out of 10 trading days. This has allowed the altcoin leader to successfully test its key support trendline. Moreover, it showed a sharp rise and is about to break above its resistance trendline.
Ethereum price rose 4.73% in the past 24 hours, and trading volume changed 23.63% to $12.051 billion, successfully breaking through the $3,300 mark. On the positive side, ETH price is valued at +14.81% in the past week, with a total return of +46.61% year-to-date.
The technical indicator RSI successfully retested its oversold zone, resulting in a sharp rise on its price chart and a breakout above its midline. Moreover, the 200-day moving average is about to record a bullish convergence, indicating a rising bullish sentiment.
With the Ethereum ETF coming to market this month, ETH prices could see significant volatility and test its overhead resistance at $3,730. On the downside, a delayed listing could cause the altcoin leader to hover around $3,000 in the coming days.
Ripple price sees first major surge since March:
As price volatility in the cryptocurrency space increases, XRP price surged 1.66% in the past day, with a trading volume of $1.469 billion. In addition, it surged 26.19% in the past seven days and more than 11.39% in the past month, indicating that the bullish influence of Ripple has increased.
The MACD indicator shows a sharp rise in the green histogram, highlighting the increase in buying pressure in the cryptocurrency space. Moreover, the moving averages recorded a bullish convergence, suggesting that the XRP token price will continue to rise this week.
The Relative Strength Index (RSI) shows a sharp upward trend from oversold levels to overbought range. Moreover, the average trendline is showing a strong bullish curve, indicating a positive outlook for the XRP price.
If the market sustains the value of the XRP token above the important level of $0.50, the bulls will continue to gain momentum and prepare to test its overhead resistance at $0.630. However, a trend reversal could pull Ripple towards lows of $0.4880.
in conclusion:
As bullish sentiment in the cryptocurrency market continues to rise, buying pressure on top tokens continues to increase, highlighting the strengthening of bullish price action. In addition, with Bitcoin price re-crossing the $62,000 mark, the cryptocurrency space is about to usher in a new phase of the bull run.
