- Bitcoin is far from a global top but must close the day above $48,000 to validate the uptrend.
- Ethereum unrelenting in the fight towards new all-time high, especially if the RSI negative divergence is broken.
- Ripple is on the brink of an upswing to $0.75 if the 61.8% Fibonacci level resistance is shattered.
Ripple is leading the recovery in the cryptocurrency market several days after Bitcoin and Ethereum hit new record highs. The cross-border token is up a whopping 16% over the last 24 hours to exchange hands at $0.59.
Bitcoin is slightly bullish but is challenged by the selling pressure at $48,000. On the other hand, it has not overcome the resistance at $1,800, thus delaying the rally to $2,000.
The entire cryptocurrency market is dotted green with selected altcoins posting incredible gains such as Cosmos, Tron, The Graph, Algorand and Yearn.Finance.
Bitcoin stalls ahead of breakout
The king of cryptocurrencies is trading at $47,640 following a second rejection at $48,000. The previous rejection found support at $44,000, whereby buyers took the opportunity to increase their entries and make another run for $50,000.
However, the momentum has not been strong enough to overcome the hurdle, delaying the anticipated rally. In the time being, the Relative Strength Index (RSI) on the 4-hour chart supports a sideways action as it levels around 65. Its advance into the overbought area will signify a strengthening bullish grip.
On the other hand, on-chain metrics suggest that Bitcoin is far from the global top and may well rally above $100,000. In addition, the support Bitcoin is getting as companies like Tesla and MasterCard incorporate it is likely to keep investor interest high.
BTC/USD 4-hour chart
Ethereum holds higher support as bulls push for higher highs
The leading smart-contract token has been pivoting between $1,700 and $1,800.