Bitcoin (BTC) maintains an impressive upward momentum, surpassing $116,000 in trading on Friday, after setting a new record at $116,868 just a day earlier. Ethereum (ETH) and Ripple (XRP) also quickly broke through, surpassing important resistance levels and reinforcing the upward trend. With positive technical patterns forming simultaneously across all three leading cryptocurrencies, investors are hopeful for new price peaks, opening up strong growth prospects in the near future.
Bitcoin sets a new historical peak at $116,868
The accumulation phase of Bitcoin around the $108,355 mark – the peak of the previous sideways phase – officially closed on Wednesday. Shortly after, BTC broke out strongly, reaching a new price record of $116,868 in trading on Thursday. As of the time of writing on Friday, this cryptocurrency has maintained a high position, trading steadily above the $116,600 mark.
Bitcoin entering a price exploration phase indicates that the bullish trend is being reinforced, opening up the possibility of approaching the important psychological resistance level of $120,000 in the near future.
On the daily chart, the relative strength index (RSI) is currently at 71 – surpassing the overbought threshold of 70 – reflecting strong upward momentum. However, traders still need to be cautious, as the current overbought state could increase the risk of a short-term correction. Concurrently, the MACD has recorded a bullish crossover since the end of June and continues to form green histogram bars above the 0 line – a sign indicating that the upward momentum is becoming increasingly evident, reinforcing the continued upward outlook for BTC.
Nevertheless, in the market correction scenario, the $108,355 area – which previously acted as strong resistance – could become a key support level, serving as a foundation for the next upward trend.
Ethereum could continue its upward momentum if it closes above the $3,000 resistance level.
After finding buying strength around the support area of $2,461 last week, Ethereum (ETH) made an impressive recovery, recording a 10% increase and breaking through the important resistance level at $2,724 in Wednesday's trading session. The upward momentum continued the next day with an additional increase of 6.59%, bringing ETH close to the key psychological threshold of $3,000. As of the time of writing on Friday, ETH is fluctuating around the $2,970 mark.
If it can close above $3,000 during the day, Ethereum is likely to expand its upward range, aiming for the next resistance area at $3,730.
Technical indicators are currently supporting the bullish trend. The RSI on the daily chart has surpassed the overbought threshold, reaching 72 – indicating strong upward momentum. At the same time, the MACD indicator has confirmed a bullish crossover from last week and is currently showing increasingly larger green histogram bars above the 0 line – a sign reinforcing the recovery.
However, if ETH cannot surpass the $3,000 threshold and is rejected in this area, the price could turn back to adjust toward the nearest support region at $2,724.
The XRP bulls are in control
On June 30, XRP officially broke through the downtrend line that had been in place since mid-May, opening up positive signals for a new bullish trend. In the following two days, the price returned to test the old resistance area — now turned support — and surged strongly by 4.5% as of Sunday. This recovery was maintained throughout the week, with a nearly 13% increase, bringing the closing price on Thursday above the peak of May 23 at $2.47. As of the time of writing (Friday), XRP is fluctuating around the $2.57 area.
If the positive trend continues to hold, XRP could move towards the nearest resistance area at $2.72, and even aim for the important psychological milestone of $3.
The daily RSI indicator currently stands at 73, exceeding the overbought threshold of 70 – indicating that bullish momentum is very strong. At the same time, MACD also recorded a bullish crossover last week, with increasingly larger green histogram bars above the 0 line, further reinforcing the clearly forming upward trend.
However, in the event of a short-term correction, the $2.47 area will play an important support role, potentially helping the price recover if there is short-term profit-taking.