Cryptocurrencies Hold onto Bullish Outlook Despite Recent Corrections
Bitcoin (BTC) is trading at $78,393 after two days of sustained losses following last week's rejection from highs near $81,500. Despite this correction, BTC holds a constructive bullish bias as price remains above major Exponential Moving Averages (EMAs), with the 50-day EMA at $72,309 and the 200-day EMA at $72,827 both trailing below spot.
Yusuf Fakhro, Partner at ARP Digital, said that Bitcoin has spent a fortnight consolidating in a tight band, defending the $77,000 floor that has held since the breakout. This is seen as a positive sign for the bulls, indicating that they have genuinely repriced the market.
ETH and XRP are also struggling to renew their uptrends despite holding above key moving-average support levels. ETH trades at $2,471 with initial support around the 50-day EMA at approximately $2,203, while XRP is trading at $1.38 with a bullish floor around $1.36.