[ad_1]
- Bitcoin price is stuck between two crucial barriers and needs to break $60,000 to begin the bull run phase 2.0 officially.
- Ethereum price is consolidating as it retests the $3,398 support floor.
- Ripple price is retesting a crucial support floor at $1.09, a breach of which could trigger a correction to $1.01.
Bitcoin price is at that point where investors are anticipating the retest of its all-time high and perhaps an entry into the price discovery mode. While this development is likely, market participants need to wait for BTC to flip a significant hurdle to mark the start of a new uptrend.
Bitcoin price at inflection point
Bitcoin price rose roughly 40% over the past ten days and is currently hovering just above the 79% Fibonacci retracement level at $57,269. Although this hurdle is critical, it is not as significant as the $58,000 to $60,000 area.
Clearing this zone will put the majority of the holders in profit and alleviate the short-term sell-side pressure. Such a development will set the stage for a run-up that retests the all-time high at $64,895.
If BTC continues to rally past its all-time high, investors can expect BTC to head toward the next psychological level at $77,525 or the 161.8% Fibonacci extension level.
BTC/USD 1-day chart
On the other hand, if Bitcoin price fails to slice through $60,000, it needs to at the very least hold above the $55,000 support floor. Failing to do so could result in a retracement to $54,182. A breakdown of which could delay the bullish outlook and trigger a further descent to $51,096.
Ethereum price loses directional bias
Ethereum price seems to be more correlated with the rest of the altcoins than Bitcoin as it consolidates in a tight space. Over the past nine days, ETH has remained between $3,398 and $3,619.
BTC has rallied over 20% during this period, suggesting that investors are more interested in the big crypto than ETH. This development also indicates that the holders are rotating their capital from altcoins and into BTC.
As long as ETH stays above the $3,200 to $3,000 barrier, things will be fine. Investors can expect a short-term retracement before ETH kick-starts its bull rally.
ETH/USD 1-day chart
Regardless of the capital rotation, if Ethereum price fails to hold above the $3,000 psychological level, it will indicate that market participants are losing interest and are likely to sell, pushing ETH lower.
This move will invalidate the bullish thesis and could lead to a retest of $2,765.
Ripple price retraces as hype fades
Ripple price showed a strong surge on October 9 as it rallied 16% and set up a local top at $1.23. However, things reversed as investors started booking profits and BTC started gaining more demand.
As long as investors prefer the bellwether crypto, XRP price and other altcoin market structures will either show a coiling up phase or enter a corrective period.
In the meantime, investors can expect the XRP price to retrace to the October 8 swing low at $1.046 or the support floor at $1.01. However, a bounce at or before $1.01 could give rise to a rally that will likely push XRP price to $1.267.
XRP/USD 1-day chart
While things are looking moderately well for Ripple price, a breakdown of the $1.01 barrier will indicate a weakness among altcoins. In that situation, XRP price might revisit $0.964, a breakdown of which will create a lower low and invalidate the bullish thesis.
[ad_2]
