- Bitcoin price tags the 200-weekly SMA at $22,383, suggesting the possibility of a relief rally.
- Ethereum price attempts to recover above the recently breached support level at $1,270.
- Ripple price prepares to bounce off the $0.240 to $0.315 weekly demand zone and revisit the $0.381 hurdle.
Bitcoin price remains bearish but is now above a support level that has historically marked bottoms for multiple bear markets albeit sometimes with a deviation below it. As sellers slow down their offloading, investors can expect Ethereum, Ripple and altcoins, in general, to start a minor relief rally.
Bitcoin price needs to decide
Bitcoin price has flipped the $29,563 support level into a resistance barrier as it crashes 30% over the last two weeks. This downtrend has also allowed BTC to tag the 200-week Simple Moving Average (SMA), which marked the 2018 and 2020 bear market bottoms.
This level also served as a support level during December 2020, which triggered a massive run-up to $30,000. Hence, the Bitcoin price revisiting this level is a sign that the buyers are going to start stepping in.
Hence, investors can expect a relief rally for BTC. As for the upside objective, market participants can count on bulls revisiting Monday’s high at $26,882.
BTC/USD 1-week chart
While things are looking up for Bitcoin price, a failure to move above the $23,480 resistance barrier will prematurely stop the relief rally. If BTC produces a weekly candlestick close below the 200-week SMA at $22,383, the downtrend will likely continue.
