The Bitcoin price is persistently trying to reclaim $37,000, and we are seeing that challenging targets are quickly turning into support. Most cryptocurrency investors did not expect the Bitcoin price to surpass the $33,000 or $35,000 levels so easily. However, as institutional demand remains alive, appetite increases and prices rise.
Bitcoin (BTC) Analysis
About 24 hours ago, the <a href="https://en.coin-turk.com/anthony-scaramucci-predicts-bitcoins-market-value-could-easily-reach-15-trillion/”>BTC price dropped to levels around $35,640, and now it is trying to turn $36,840 into support. At the time of writing, BTC is at $37,000. There was no fundamental reason for yesterday’s drop. The statements from Fed members were not that disturbing, and no one is convinced that the Bank of Canada’s talk of possible interest rate hikes had such an impact. The drop was as surprising as the rise.
With closing positions in the futures market and high-volume spot sales, BTC started a series of sharp declines. In terms of the recovery of the RSI in the short-term chart, this correction was not so bad.
Isn’t the weekly chart impressive? Since the bottom seen at the end of last year, BTC has increased by over 138%. Moreover, this rapid rise seems to continue with a weekly close above $36,300. If we see a new wave of upward movement with surprise purchases, it would not be surprising to test $40,000 this weekend. Then, the levels of $42,900 and $48,000 will come into focus. These expectations must be painful for the experts who talked about the $10,000 target.
Ethereum (ETH) Analysis
First, we reported the rumor, then the strong suspicion, and finally, the official ETF application. The world’s largest asset manager, BlackRock, has applied for a spot ETF for the altcoin king. This indicates that the steps regarding crypto ETFs may continue and that the Ethereum price may aim for $3,000. We remember what happened in June when BlackRock did the same for BTC. The rapid rise may not have started for Ether yet.
With weekly closes above $2,165, the price can reach levels of $2,526 and $2,962. It is important that the current level of $2,000 can be maintained. Perhaps the CEO of BlackRock will talk about why Ethereum is a great option and what led them to apply for an ETF in the coming days. Ethereum already hosts the largest smart contract platform and popular crypto applications. However, if the CEO of BlackRock says this, we can see its impact on the price.
XRP Coin Analysis
The popular altcoin dropped below $0.65, and that’s not good. The parties have established the expected schedule and submitted it to the Judge for discussions. The lawsuit is ongoing, and there will be new developments in the coming weeks. If the bulls do not want to miss the BTC rally, they should quickly push the XRP Coin price above $0.65 and keep it there. If they fail to do so, there could be a drop to $0.61 and $0.55.
