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- Bitcoin struggles to maintain support above $85,000, with $90,000 as the next key target if it holds.
- SEC’s roundtable on crypto regulation could increase market volatility, impacting Bitcoin, Ethereum, and Ripple prices.
Cryptocurrencies are showing signs of recovery as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) rest near key support levels ahead of a major event. As of press time, Bitcoin remains near $83,952 after seeing a recovery. On the other hand, Ethereum sits around $1,963, while Ripple is testing support at its 50-day EMA of $2.43.
As the U.S. Securities and Exchange Commission (SEC) Crypto Task Force prepares for its first roundtable discussion on crypto regulation, all eyes are on how the regulatory landscape will affect these major cryptocurrencies.
Bitcoin’s recent price action has been marked by indecision, with the cryptocurrency testing its 200-day Exponential Moving Average (EMA). After reaching a high of $87,000 earlier in the week, Bitcoin fell below its 200-day EMA at $85,515, now hovering around $84,500. This decline suggests that BTC’s next major test is whether it can reclaim and maintain support above the $85,000 level.
According to ETHNews, if Bitcoin stays above its 200-day EMA, it could push toward the $90,000 mark, with the social resistance of $90,000 as a potential target. However, a failure to hold above $85,000 could result in further declines, with key support at $78,000 and $73,000 possibly coming into play.
The Relative Strength Index (RSI) on Bitcoin’s daily chart is at 46, signaling neutral market sentiment. The Moving Average Convergence Divergence (MACD) has also shown bullish signs, with the recent crossover suggesting that upward momentum could be building, provided BTC can break past resistance levels.
Additionally, Ethereum has been testing key support levels. After finding support of around $1,861, ETH made a brief recovery but faced a slight pullback. As of Friday, Ethereum’s price is hovering near $1,960, just above the crucial $1,861 support level.
If Ethereum holds its ground around this level, the next likely target is $2,258, which was its high earlier in the month. However, if the price falls below $1,861, Ethereum could face further downside, with the next support at $1,700.
The RSI currently sits at 40, suggesting that Ethereum is still in oversold territory and could rebound if buying pressure picks up. Additionally, the MACD’s bullish crossover signals the possibility of a trend reversal, but Ethereum’s momentum remains fragile.
Ripple Holds Key Support at 50-Day EMA
Ripple’s XRP has also seen some volatility this week. It broke above its 50-day EMA at $2.38, only to decline and retest the same level. XRP is currently trading around $2.42. If the price holds above the 50-day EMA, there is a possibility for a further rally toward $2.72.
The RSI for XRP is at 51, indicating that the market sentiment is neutral, but the MACD’s bullish crossover points to a potentially strong upward move. Should XRP lose support at $2.43, it could test lower levels, but for now, the 50-day EMA provides a solid foundation for a potential recovery.
Impact of SEC’s Crypto Roundtable on Market Sentiment
The SEC’s Crypto Task Force is set to host its first-ever roundtable discussion on digital asset regulation, and its outcome could influence the future price movement of these cryptocurrencies. The roundtable addresses the regulatory uncertainties surrounding digital currencies, tokens, and related technologies.
Given the current market climate and the SEC’s increasing involvement, the discussion could bring increased volatility to the crypto market.
The post Crypto Price Predictions: BTC, ETH & XRP Steady as SEC Prepares Talks appeared first on ETHNews.
