Bitcoin Eyes Key Resistance Zone Near $85,000 as Ethereum and Ripple Consolidate
The cryptocurrency market is experiencing mixed trends, with Bitcoin (BTC) approaching its key resistance zone near $85,000. Meanwhile, Ethereum (ETH) and Ripple (XRP) are consolidating around their respective prices.
BTC has been trading at $84,902 on Friday after rebounding 1.5% the previous day. It maintains a bullish bias as it holds well above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). However, the Relative Strength Index (RSI) is sitting in bullish territory but shy of overbought, while the Moving Average Convergence Divergence (MACD) indicator has slipped back into negative territory.
The immediate resistance for BTC lies at $85,000, just above its current price. If it breaks above this level, the rebound may continue. On the downside, initial support is seen at the 50-day EMA near $78,351, followed by the 100-day EMA around $74,725 and the 200-day EMA at $74,606.
Ethereum (ETH) is trading at $2,716 on Friday, extending its ongoing recovery. ETH maintains a bullish near-term bias as it holds well above the 50-day EMA at $2,467 and the longer-term 100-day and 200-day EMAs. The RSI reads around 64, suggesting firm but not extreme bullish momentum.
XRP is trading at $1.500 on Friday, keeping a bullish near-term bias as it holds above the 50-day EMA at $1.381 and the 200-day EMA at $1.376. The RSI around 57 suggests positive but not overextended momentum.