As of June 16, the global cryptocurrency market experienced a notable increase, with its value rising by 1.10% to reach $3.32 trillion. This surge was accompanied by a 15.94% rise in daily trading volume, exceeding $89.62 billion, indicating heightened trading activity. The Crypto Fear and Greed Index now stands at a neutral level of 50. Bitcoin (BTC)
$
106,724 balances at $107,113, fostering stability, while Ethereum (ETH)
$
2,611 draws attention with ETF flows, and XRP remains under watch due to the ongoing Ripple
$
2 and SEC lawsuit.
Bitcoin Faces Crucial Resistance as Momentum Builds
Bitcoin’s recent performance shows a modest increase of 1.02%, with its price at $107,113. On the daily chart, BTC exhibits a narrow consolidation below recent highs. Supported by positive ETF momentum, a sustained breakout above the $107,000 resistance could propel Bitcoin towards the $110,000 mark.
However, intense selling pressure may arise if prices dip below $105,000, risking a pullback to the support level at $102,800. The volume, having increased by nearly 11%, suggests investors aim to maintain current levels. A strong candle close above $106,800 is a potential signal of a continuing upward trend.
Ethereum Eyes Growth with Positive ETF Inflows
Ethereum surpassed Bitcoin this week, registering a 3.33% jump to reach $2,627. This performance is driven by approximately $5 billion in ETF inflows and a 40% volume rise, indicating Ethereum’s push to break out of a horizontal channel.
Overcoming the recent peak at $2,633 could elevate prices towards the $2,750–$2,800 range, especially during times of growing institutional interest. Conversely, a close below $2,550 might drag prices down to $2,450.
XRP Navigates Legal Challenges and Technical Indicators
Despite a 1.60% rise in XRP’s price to $2.18 over the past 24 hours, it remains below the short-term 50-day Moving Average of $2.28. This indicates cautious investor sentiment in the short term, while maintaining a position above the 200-day Moving Average of $1.91 paints a positive long-term outlook. The support near $2.0145 might limit short-term declines.
XRP faces its first major resistance at $2.45, and overcoming this on a weekly basis could stir expectations for reaching the psychological $3 mark. Currently, investors eagerly await Judge Torres’s decision in the Ripple-SEC lawsuit, which could instantly impact XRP’s price trajectories.
