Crypto Market Outlook – Alts Recover as Bitcoin Struggles
Briefly-
- Bitcoin eyes a near-term surge towards the psychological level at $60,000.
- Ether is inches near its ATH of $4,880, following a 22% rally in the last five days.
- Meanwhile, the altcoin market appears to recover as Bitcoin struggles to move high.
Bitcoin sees its price consolidating as the world’s leading crypto attempt to rally high. On the other side, Ethereum looks to enjoy a healthy rally as it approaches levels closer to its previous ATH. For now, the altcoin market is in a recovery mode, with most alts surging and the likes of Ripple struggling to secure bullish momentum.
Bitcoin Price Struggles
Bitcoin witnessed a massive surge in buying strength on 28 November, translating to an 11% upsurge in the next 48 hours, pushing the dominant coin towards $59,269. Though the upswing was close to overcoming last week’s peak of $59,608, BTC failed.
Bitcoin’s current sideways actions might mean the asset gathering momentum to surge past $60,000. After that, Bitcoin can form a daily close past the demand region in the $58,100 – $61,545 range. With that, market players can see BTC retesting $63,000. A higher-high past $65,000 will send Bitcoin inside a bullish phase, aiming for new peaks.
Meanwhile, this bullish narrative presumes that Bitcoin has adequate strength to close past $65,000. Failure to do that might translate to further downtrends towards $53,000. A daily close beneath this barrier will cancel the bullish case and catalyze a price plunge to $50,000 and lower with amplified selling pressure.
Ethereum Records a Massive Comeback
Ethereum has recorded massive upsurges over the past 48 hours, surging 22% to trade at $4,750 at this publication. Maintaining this momentum will have ETH retesting its ATH at $4,880. Meanwhile, overcoming this level will see the second-largest crypt by market value touching the psychological level at $5,000 for a new all-time peak. If BTC doesn’t crash, market players can expect Ether to rise towards the $5,500 – $6,000 range.
For now, the altcoin market seems to print uptrend even as Bitcoin struggles to surge. Ripple battles with its dominant downtrends, noting minor gains to rise beyond the psychological level at $1.
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