The cryptocurrency market is trying to recover the recent losses that occurred over the past week, which forced the coins to remain in consolidation. Meanwhile, the bulls seem to have regained strength, so the Bitcoin price has risen back towards $60,000 with enough buying pressure. Every bullish move attracts bearish activity, while the absence of selling pressure increases the possibility of a bull trap.
Short-term BTC price analysis shows that the coin remains stuck within the pre-determined range. Both the bulls and the bears have failed to break above the resistance level and also broke below the support level. Moreover, the RSI has also failed to reach the upper limit and as the recent divergence from the bullish trend suggests, the rise might be short-lived. If the buying volume declines, then the price could also drop back below $60,000. On the other hand, Ethereum is showing strength compared to Bitcoin.
ETH price remains in a strong uptrend; however, the bears have managed to take control above the $60,000 level. As a result, the bulls declined soon after breaking above these levels, causing the coin to face rejection at the lower ascending supports. The RSI shows gains, but the increasing selling pressure could hamper the progress of the rebound. Therefore, Ethereum price might remain consolidating below the resistance and culminate before breaking out above $2,800.
With the RSI reaching highs, XRP price is showing signs of an extended consolidation and is ready to enter a stagnant trend or a pullback. Therefore, the price might trade along with the resistance for a while before making a slight increase above $0.62. This could help the coin to close the day with a bullish candle above $0.65. Moreover, the Binance Coin price is showing great strength compared to other coins in the top 10. After reaching $600, the coin has been facing a bearish pullback but a rebound is expected to recover lost ground soon.
BNB price has been maintaining a sharp uptrend after rebounding from lows near $400. The 42% gain suggests that the bulls are gaining strength and they seem ready to push the price above $600. However, the RSI has reached its upper boundary, suggesting that a minor correction might be imminent. This could remove the selling pressure and further push the price above $620 and confirm a new yearly high in the coming weeks. Moreover, Polygon (MATIC) price hit a new monthly high, showing that the bulls are gaining strength.
The price of Polygon has broken above a crucial resistance zone, which could pave the way for testing upside targets. In the event of a pullback, these resistance zones could provide a strong base to spark a healthy rally as the RSI has reached the upper band. Therefore, the MATIC price is seen forming consistent higher highs and lower lows, showing the growing strength of the bulls. Therefore, the price of Polygon is expected to rise and reclaim $0.5 in the coming days.
