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Bitcoin Pops Above $88K Amid Yen Strength; ETH, ADA, XRP See Declines
Analysts suggest bitcoin's recent price action could signal a break in the downtrend, with potential for further gains
What to know:
Bitcoin remains above $88,000 as it continues to be viewed as a risk-off asset amid global economic uncertainties.
Gold prices hit a new high of $3,494 per ounce, reflecting increased demand for safe-haven assets.
Analysts suggest bitcoin's recent price action could signal a break in the downtrend, with potential for further gains.
Bitcoin (BTC) held steady above $88,000 early Tuesday as the Japanese yen crossed the psychological level of 140 against the U.S. dollar, as tariff concerns and risks of a Federal Reserve chairman shuffle in the states broadened the appeal of safe-haven assets.
Yen rose nearly 1% to 139.93 against the dollar, its strongest level since September. Gold surged to fresh highs at $3,494 per ounce in Asian morning hours.
These periods are widely followed, making them self-fulfilling as many traders act on them, reinforcing their importance.
Here’s what a machine’s read of the market is, powered by CoinDesk’s AI-driven market insights bot.
ADA Price Analysis
ADA broke key resistance at $0.630 amid broader crypto market recovery.
Grayscale's spot ADA ETF filing sees approval odds jump to 61%, potentially opening doors for institutional investment.
Clear bullish reversal starting April 21, with volume significantly increasing to over 68 million during the breakout candle.
Fibonacci retracement levels suggest potential continuation toward $0.650.
XRP Price Analysis
XRP established a clear uptrend with a 3.4% overall range ($2.039-$2.143) over the analyzed period.
Strong support identified at $2.06, with buyers consistently stepping in at this level.
Significant breakout occurred on April 21, when XRP surged 4.3% in just two hours, breaking through previous resistance at $2.09.
Volume analysis confirms genuine buying interest, with trading activity spiking to over 100M during breakout periods.
ETH Price Analysis
Ethereum enters historical "buy zone" according to analyst Ali Martinez, with ETH trading below the lower MVRV Price Band—a metric that has previously signaled strong buying opportunities.
ETH currently trades in tight consolidation between $1,550-$1,630, with critical support at $1,500 and resistance at $1,700, as investors await a decisive breakout amid global economic pressures.
Clear support level established at $1,570 with resistance at $1,650, with trading volume spiking to 490,365 during the recent selloff.
The 48-hour price range of $1,544-$1,593 (3.1%) suggests continued market instability.
Fibonacci retracement levels indicate potential consolidation between $1,565-$1,590 before establishing a definitive trend direction.
