- Bitcoin surged past $97,000 after breaking $95,000, holding steady despite overbought signals; $98,000 remains key resistance.
- Ethereum edged near $1,860 but stayed capped within range; a breakout is needed to spark fresh upside momentum.
The Bitcoin (BTC) rally continued on Friday when its value broke above $97,000, a day after a decisive breakout above $95,000, according to TradingView. This dramatic surge was a result of nearly a week of stabilization in that previous resistance point when BTC temporarily touched a record of $97,436. By Friday afternoon, BTC was holding firm around the $97,000 point with a show of strength in the face of market scrutiny.
A close above $98,000 is likely to drive Bitcoin towards the psychological mark of $100,000, a figure eagerly eyed by market players and experts. Nonetheless, market players are cautious because the daily Relative Strength Index (RSI) is almost at 70, bordering on overbought. Experts warn that although bearishness has abated and a bullish run is in force for now, a pullback is very much a real possibility if momentum in this direction slows down near these levels.
In case BTC can’t hold its present position and is unable to close above $98,000, then its next nearest support is at $95,000. This support area has already acted as a battleground in previous sessions, and it will most likely be retested in case sellers take over.
Ethereum Nears Resistance as Bulls Eye $2,000
Ethereum progress, on the other hand, is contained inside a consolidation region between levels of $1,700 and $1,860, a band it has held firm to over the last week. By Friday, Ether edged near the top of its boundary at $1,860, pointing toward breakout intentions. This resistance is considered to be critical to any substantial move towards the psychologically important $2,000 mark.
The daily RSI for Ethereum registered at 58, above the middle-of-the-road 50 mark, highlighting overriding bullish sentiment. But without a clear break above $1,860, Ethereum will be trapped in its most recent sideways range with a chance to fall back towards $1,700 based on waning buying pressure.
An additional loss of $1,700 would potentially lead to a deeper correction, with $1,450 in view as a potential area of support. Traders are all eyes on these levels, however, with overall market momentum hinging on what happens next in Bitcoin.
XRP Holds Steady, Aiming for $2.50
Ripple’s XRP steadied following a retest of its critical support at $2.20, with this also aligning with its 50-day Exponential Moving Average (EMA). This was retouched in the middle of the week and by last Friday was also holding above it, supporting bullish expectations for a continued upward run.
The prospects for XRP become more positive if it can hold above $2.20 and trigger a run toward its March 24 high of $2.50. A potential rally would have it reach a high of $3.00 if it is accompanied by stronger market tailwinds. XRP’s RSI also provided positive signs by registering a reading of 54, well above its midpoint and indicating healthy underlying momentum.
In case of a breakdown below $2.20, XRP will likely encounter a new test of strength around $1.96, another important support level in traders’ eyes. This fallback option would most likely be in focus in case overall market sentiment turns sour or Bitcoin performance weakens.
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