- Bitcoin price might pull back before it continues its uptrend.
- Ethereum price is facing a critical resistance level at $2,018 and might retrace before heading higher.
- Ripple price is bouncing off a demand zone ranging from $0.548 to $0.568.
Bitcoin price has shown a sign of life after a massive downtrend that pushed it below $30,000. After briefly spending time below the psychological level, BTC has bounced back, and altcoins like Ethereum and Ripple have followed it.
Bitcoin price needs to take a breather
Bitcoin price surged roughly 12% from the July 20 swing low at $29,279. While this uptrend is impressive, a retracement to the $31,000 support level seems likely. A resurgence of buyers will allow BTC to overcome $33,185 and tag $34,666.
In a highly bullish case, Bitcoin price might even retest the 50% Fibonacci retracement level at $35,618, roughly a 15% upswing from $31,000.
BTC/USDT 12-hour chart
While the bullish case seems like a no-brainer, things could go awry if the retracement breaches the support level at $31,000.
Such a move could lead to a further downswing up to $30,000. However, if the bears manage to break down this barrier, it would invalidate the bullish outlook.