Crypto outlook | Buyers return, ETFs in high demand

Fundamental data

Crypto markets are currently characterized by renewed positive sentiment. Just after the European Football Championship and the end of the holiday season, new buyers seem to be pouring in. It’s not just Bitcoin that is strong again. Altcoins are also rallying again, indicating a strong, positive trend correction. Although equities remain very shaky, most tokens are showing a positive trend. According to BlackRock, the recent jump in the Bitcoin ETF also took place with high trading volumes. This could unleash further potential.

Technical analysis:

– BTC: Bitcoin is trading at USD 66,500. The price of Bitcoin has broken out of the sideways pattern to the upside. From a weekly chart perspective, BTC was also able to settle above the 10-moving average. This could be seen as a further positive sign.

The monthly chart also shows that the token has been able to break away further. The yellow support, which was narrowly tested, also marks the 10-period moving average. A test of the resistance of the psychological price mark at USD 70,000 could now be on the cards.

– ETH: Ethereum is trading at USD 3,495.00 and is following the same trend as Bitcoin. Following similar patterns last week, there was a brief correction at the psychological price level of USD 3,500.00. However, the trend could now turn positive again, as last week’s highs were tested and narrowly breached.

Further potential could then emerge above USD 3,600.00. A resistance area from April 2022 is still lurking there, which can be seen on the weekly chart above. The path should then be clear to the round zone of USD 4,000.00.

– XRP: Ripple is trading at USD 0.6030 and was thus able to end a brilliant trading week on a positive note. The price was able to recover further from the support area, as the chart had already indicated in the week prior.

The positive trend is now also making itself felt on the monthly chart and could indicate further potential towards the USD 0.7000 area. However, during this month the price should not trade below the 50- moving average, which currently stands at USD 0.5150. A breakout above USD 0.6400 could then release further momentum. Potential would be created towards the USD 0.8200 range.

– LTC: Litecoin is trading at USD 73.80. Here, too, the monthly chart shows that the token has been able to break away from the rising trendline.

The red zone was tested, but then immediately left to the upside. The resulting pinbar candle could now unleash further potential. Litecoin’s next price target could move up to the 50-period moving average at USD 78.00.

According to the daily chart, however, the moving average must first be cleared to clear the way.

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