Bitcoin consolidates between $94,000 and $100,000. Ethereum slightly recovers to around $2,680, pursuing the $3,000 target. Ripple gains momentum, up by 14% last week, currently holding at $2.72, with potential to retest higher levels.

Bitcoin (BTC) has exhibited a period of consolidation, fluctuating between $94,000 and $100,000 for nearly two weeks. Following a breach of the $100,000 support on February 4, BTC is currently positioned at approximately $96,400. A sustained closure below $94,000 may foreseeably lead the price down towards the critical psychological level of $90,000, marked by bearish indicators such as a Relative Strength Index (RSI) at 44 and a bearish MACD crossover.

Ethereum (ETH) is trading around $2,680 after a weekly increase of 1.3%. The price encountered resistance around its descending trendline on February 1, prompting an initial decline. Although the RSI indicates a slight recovery from oversold conditions, it also suggests a need to surpass the neutral level of 50 for sustained bullish momentum, with $3,000 serving as a target if the upward trend continues.

Ripple (XRP) has gained notable momentum, surging 14% last week and currently finding support around its daily level of $2.72. Should this support hold, XRP is likely to extend its gains towards retesting the January 16 high of $3.40. The daily RSI stands at 54, suggesting bullish strength, alongside a bullish MACD crossover, signaling positive market movement.

In general, Bitcoin continues to dominate the cryptocurrency market, acting as the benchmark for other cryptocurrencies. Supported by a growing interest in altcoins and stablecoins, markets are providing investors with alternative opportunities. As demand fluctuates, stablecoins serve to provide a mechanism for stability in a volatile environment, whilst witnessing substantial institutional investment trends.

In summary, Bitcoin remains within a consolidation range, with potential movements dictated by key support levels, while Ethereum attempts a recovery with the objective of reaching the $3,000 mark. Conversely, Ripple exhibits bullish momentum, consolidating at new support levels. Overall, the market remains fluid, shaped by investor interest and institutional developments, highlighting the importance of ongoing analysis for informed decision-making.

Original Source: www.fxstreet.com

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