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Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds
Developing
In Short: Bitcoin, currently trading at $78,650, is showing signs of a potential sustained rally, according to a golden cross signal that has triggered 12 times in the past, as noted by Cryptonews.net.
Bitcoin, currently trading at $78,650, is showing signs of a potential sustained rally, according to a golden cross signal that has triggered 12 times in the past, as noted by Cryptonews.net. However, the broader market sentiment remains cautious, with the Relative Strength Index (RSI) around 61, indicating ongoing positive momentum but with the Moving Average Convergence Divergence (MACD) in negative territory, suggesting waning upside pressure.
Altcoins, including Ethereum and Ripple, are echoing Bitcoin’s cautious sentiment, with Ethereum retracing to approximately $2,470 and Ripple to $1.38, according to FXStreet. The 100-day Exponential Moving Average (EMA) near $70,727 represents a key structural floor that would need to be broken for a more pronounced trend deterioration, as highlighted by FXStreet.
Market analysts are watching whether Bitcoin can reclaim the USD 80,000 level, which remains important for the next move, according to Analytics Insight. The cryptocurrency market is seeing mixed movement today, with Bitcoin holding near the USD 79,000 level while several major altcoins remain under pressure. BNB, one of the weaker major cryptocurrencies, is among the weaker performers in the latest available market data.
The recent theft of $245m (£181m) of Bitcoin by Malone Lam and his friends, as confirmed by the BBC, highlights the risks associated with the cryptocurrency market. However, the structural support remains intact, with Bitcoin holding near the $79,000 level, according to market data.
What's still developing
- Malone Lam admitted to teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds.
- The crossover shows that short‑term momentum is finally overtaking the long‑term trend, setting the stage for a potential sustained rally.
- As of this writing, bitcoin changed hands at $78,650, down 0.6% since midnight UTC, according to CoinDesk data.
- Bitcoin’s BTC $78,564.82 golden cross is live, confirming a widely-tracked bullish signal on the price chart.
- This signal has previously triggered 12 times in bitcoin’s history, yielding a mixed long-term track record, as CoinDesk discussed in detail last week.
- Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support.
- Momentum is mixed, with the RSI hovering near 56 in a neutral-to-positive zone, while the MACD sits below zero and its signal line, suggesting bullish pressure is moderating rather than accelerating.
- At the same time, some smaller cryptocurrencies are posting strong gains.
Sources
- Analytics Insight link