Crypto Market Sees Strong Recovery with Bitcoin Above $76,770 and Ethereum Eyeing $2,500
Bitcoin has extended its recovery, trading above $76,770 on Friday. Ethereum is also looking strong, eyeing $2,500 after trading at $2,456. Ripple, meanwhile, is holding steady at $1.30.
The technical analysis suggests that Bitcoin's near-term bias remains bullish as it stays above the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) has cooled from overbought extremes to neutral territory, while the Moving Average Convergence Divergence (MACD) is still in negative territory but with a contracting downside profile.
Ethereum's price is also above its EMAs and reinforcing an underlying uptrend structure. The RSI at 54 has cooled from earlier overbought extremes and now sits in neutral territory, while the MACD remains below zero, hinting that momentum is still in a corrective phase.
XRP, meanwhile, is hovering just above the $1.30 horizontal support and sitting between its medium- and long-term EMAs. The RSI at 47 is near the midline, reinforcing a consolidative backdrop, while the MACD indicator holds in negative territory with a slightly negative reading.