Bitcoin springboards toward $55,000, as market cap nears $1 trillion


  • Bitcoin hits another new record high as the market value eyes $1 trillion.
  • Ethereum settles above $1,900, while bulls look forward to breaking the $2,000 level in the coming sessions.
  • Ripple resumes the uptrend after hitting above the 50 SMA levels, and the next target is $0.6.

Bitcoin has started another rally to new all-time highs after settling above $50,000. The flagship cryptocurrency’s market capitalization is making a gigantic leap toward $1 trillion. At the moment, BTC has a market valuation of $982 billion and is significantly above Ethereum’s $221 billion.

Intriguingly, Binance Coin (BNB) has moved into the top three after rallying 42% in the last 24 hours. BNB is now the third-largest cryptocurrency, with a market capitalization of $40 billion. The Binance exchange native token is currently trading at $262.

Bitcoin spikes to another new all-time high

Bitcoin bulls are not relenting in the fight gains toward $55,000 (near-term goal). They started by defending support above $50,000 and later ensured that BTC settled above $51,000. The pioneer cryptocurrency spent some time at the ascending channel’s middle boundary, but bulls seem to have increased their positions, sending to a new all-time high of $52,993 on Coinbase.

The bullish outlook is set to remain in place in the coming sessions based on the Moving Average Convergence Divergence (MACD). As the MACD line (blue) crosses above the signal line, the bullish impulse gets stronger. A break above $53,000 is likely to trigger the fear of missing out (FOMO), which could leave open air toward $55,000.

BTC/USD 4-hour chart

A correction will appear if Bitcoin fails to close the day above $52,000. An increase in overhead pressure will also jeopardize the support at the channel’s middle boundary. While $51,000 has functioned as an anchor before, BTC could retest $50,000, a rather make or break price level.

Ethereum closes in on $2,000

Ethereum, like Bitcoin, has settled above a vital price level. The break above $1,900 brought it close to $2,000. However, closing the day above the same level is viewed as a bullish signal. For now, all eyes are glued on $2,000, which may trigger FOMO as investors speculate the potential rise to $3,000.

The MACD confirms that bulls are in control, hence rising past $2,000 during the weekend session. If the uptrend stalls, a consolidation period above $1,900 will allow bulls to focus on higher levels as they plan their next attack mission.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

Note that any bearish signals may trigger massive losses under $1,900, as investors could panic sell to take profit. Near-term support is the 50 Simple Moving Average (SMA) at $1,820. Other vital levels to keep in mind are $1,800, the 100 SMA currently at $1,750, and the recent support at $1,660.

Ripple renews the uptrend on breaking critical level

Ripple established support at the 100 SMA on the 4-hour chart, setting the cryptocurrency on a recovery path. Gaining ground above $0.55 seems to have triggered more buying orders increasing the tailwind behind the cross-border token.

At the time of writing, XRP is trading at $0.57 after breaking past the 50 SMA. On the upside, some resistance is expected at $0.6 but bulls eye $0.65 to be a stepping stone for gains back to $0.75 (yearly highs).

The MACD highlights a bullish impulse and cross above the midline to validate the uptrend. On the other hand, support above the 50 SMA must be defended to ensure that the uptrend remains intact.

XRP/USD 4-hour chart

XRP/USD 4-hour chart

A correction may come into the picture if XRP slices through the 50 SMA on the flip side. The support at $0.5 must remain unshaken; otherwise, losses may be triggered towards the 100 SMA at $0.5.

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