- Bitcoin price is attempting a recovery to $20,750 after three days of selling off.
- Ethereum price is waiting for Bitcoin’s cue to restart its recovery rally to $1,730
- Ripple price needs confirmation to kick-start its bounce to $0.340 and $0.381.
Bitcoin price is showing signs of pausing its downtrend with growing hints of a recovery. Investors need to wait for confirmation, however, before getting more seriously bullish. Ethereum and Ripple await the big crypto’s cue to do the same.
Bitcoin price hopes for a recovery
Bitcoin price has slipped below the ascending parallel channel, triggering a 10% crash to $19,513. As sellers take a break, the buyers are likely to step in and trigger a recovery rally. This development could see BTC retest the $20,750 hurdle.
While a move above this level could indicate a resurgence of buyers, it is unlikely that bulls have the necessary momentum. Therefore, investors should be cautious with the potential recovery rally for Bitcoin price.
BTC/USD 12-hour chart
Regardless of the buyers’ attempt, market makers are likely to target the liquidity resting below the swing lows formed between July 13 and June 18, extending from $18,889 to $17,578, especially if bulls fail to step in here.