What is the latest situation in Bitcoin, Ethereum and Ripple and what is expected for these cryptocurrencies? Which altcoin is still in a bull run? You can read the rest of our article for Bitcoin, Ethereum and Ripple price analysis for October 12, 2021.
Bitcoin Price Faces Significant Resistance!
Bitcoin price is currently approaching an important resistance level and crossing this resistance level will allow BTC to continue its bull run. While we are preparing this news, Bitcoin is trading at $ 57,000.
When Bitcoin approaches the $60,000 level, it will have reached an important resistance level and must overcome this resistance level to continue its bull run.
Bitcoin price has increased by an average of 40% over the past ten days and is currently trading at $57,269 just above the 79% Fibonacci retracement level. While this hurdle is critical, it’s not actually as important as the $58,000 to $60,000 area.
If Bitcoin goes above these levels, it means that it reaches a significant level where investors can now profit. In such a scenario, short-term selling pressure on BTC will ease. Breaking this level could take us up to the next level at $64,895 and test a new resistance.
On the other hand, if Bitcoin price fails to surpass $60,000, it must at least stay above the $55,000 support base. If this support falls short, the price could result in a pullback to $54,182. A breakout of this could delay the bullish view and trigger more declines towards $51,096.
Has Etherum Started To Come To Himself?
Ethereum price is consolidating in a narrow area compared to other coins. Over the past nine days, ETH has been stuck between $3,398 and $3,619.
While ETH remained at these levels, it made a rally that increased the BTC price by over 20%. According to many commentators in the market, investors and traders continue to stay close to Bitcoin rather than Ethereum.
Things will improve as long as Ethereum stays above the $3,200 to $3,000 barrier. Investors can wait for a short-term pullback before ETH begins its bullish rally.
If Ethereum drops below the psychological level of $3000, then there may be serious selling pressure and market participants may lose interest. In this case, the bullish test will be invalid and the price could drop as low as $2,765.
What’s the Latest Situation in Ripple?
Ripple price rallied by 16% on October 9, forming a local top at $1.23, making a strong increase. However, things turned around as investors started making profits and BTC started to receive more demand.
Ripple price and naturally other altcoins will be stuck in a stalemate or enter a correction period as investors prefer Bitcoin.
Meanwhile, traders can expect XRP price to bounce back to the October 8 low of $1,046 or the support floor to $1.01. However, a bounce at or before $1.01 could lead to a fresh rally that will likely push XRP price to $1,267.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.