- Bitcoin faces resistance at $85K, with analysts eyeing a potential rise to $90K if it breaks through.
- Meanwhile, Ethereum and XRP struggle, with bearish momentum limiting their short-term gains.
The crypto market is treading cautiously as Bitcoin (BTC) faces stiff resistance near the $85,000 mark, while Ethereum (ETH) and XRP continue to flash red on the daily charts. After a 2.3% dip in the total market cap to $2.64 trillion, the broader market seems to be stabilizing, with the 1-hour charts showing signs of recovery for major assets.
Also read: Gemini Launches Free XRP Trading Algorithms: Tyler Winklevoss Sparks Crypto Debate
Bitcoin (BTC): Battling Resistance, Eyes on $90K
Bitcoin is trading around $83,000 after several failed attempts to breach the critical $85K resistance level. While it’s down 2% over the past 24 hours, BTC still holds an impressive 8.4% gain over the past week. Its market cap now sits at $1.6 trillion, solidifying a 63% dominance in the crypto space.
The Relative Strength Index (RSI) remains neutral at 50, signaling indecision among traders. Analysts suggest that a clean breakout above $85K could quickly propel BTC to $90K—and potentially $95K. However, if the rally stalls, BTC could retrace to its support level at $78,258. Despite the short-term volatility, projections hint at a bullish long-term path, with a $126K target still in sight by June.
Ethereum (ETH): Bears in Control—for Now
Ethereum is currently grappling with bearish momentum, slipping 4.4% in the past 24 hours to trade at $1,576. While the weekly chart still shows a 6.5% gain, ETH’s RSI sits at a low 40, hinting at potential downside pressure toward $1,300 if sellers remain dominant.
That said, bulls remain hopeful. A successful breakout above $1,700 could pave the way toward $1,861, with further upside to $3,100 and even $3,700, according to analysts’ earlier forecasts.
XRP: Fighting to Hold $2.00
XRP, after briefly breaking above its 200-day EMA at $1.95, is struggling to maintain its position at the $2.00 level. It’s down 4.25% in 24 hours, despite a strong 14% gain over the week. A dip below $2.00 could see the price slip to $1.77, while a breakout above $2.23 may fuel a rally to $2.50.
Looking further ahead, analysts are optimistic. XRP is projected to surge to $15 in a bullish scenario driven by ETF approvals and institutional inflows—potentially reaching a $925 billion market cap.
As volatility intensifies, traders are watching closely. Crypto’s next big move may just be a breakout—or a breakdown—away.
