Crypto Market Takes a Breather Amid Mild Pullback and Consolidation
Top cryptocurrencies Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) took a breather at the start of this week, after their recent gains. BTC is trading below $83,600, while ETH extends its losses, trading below $2,700. XRP, on the other hand, consolidates around $1.500.
The price action suggests a mild pullback or consolidation as traders assess their next direction. Bitcoin is consolidating below recent highs, and despite the correction, it maintains a bullish near-term bias. The 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) are clustered between roughly $73,900 and $77,300.
Ethereum also holds a bullish near-term bias as it remains comfortably above the same EMAs. The Relative Strength Index (RSI) for both BTC and ETH is in positive territory without being overbought. However, the Moving Average Convergence Divergence (MACD) indicator has cooled slightly, hinting at moderating upside momentum.
Ripple is also consolidating after recent gains of over 7.5% in the previous week. XRP holds above the 50-day and 200-day EMAs, reinforcing a bullish near-term bias. The momentum remains constructive, with the RSI hovering near 57 and the MACD line holding in positive territory.