Bitcoin (BTC) Might Ruin Crypto Market Recovery Party – Market Outlook

Briefly –

  • BTC continues striding with near-term targets at $53,687 and $56,277.
  • Ethereum price pauses before retesting the hurdles at $4,659, then $4,777.
  • While Bitcoin struggles, the alt market tries to print recovery signs.

Bitcoin has traded on a recovery phase after the latest flash crash, December 4. Though altcoins mimic BTC price trends, they attempt to print recovery signals. Alts such as Ripple and Ethereum move in retracement trajectories. Bitcoin has higher chances to continue its uptrends, but market players should beware of possible downswings that might form a price range.

Bitcoin Price Aims Higher Highs

Bitcoin attempts to recover from the December 4 plummet while wavering at the psychological level of $50,000. The surge comes a Bitcoin plans to erase the bears’ inefficiency during the latest crash. Though $53,687 resistance barriers remain the initial target for BTC, market players need to be cautious as the leading crypto can plunge towards $46,698 before forming a trading range. Although this will translate to a slight retracement, it can present an accumulation opportunity for sidelined buyers.

If Bitcoin clears $53,687, it can rise towards $56,276. This ascent would result in an 11% surge for BTC’s current position. However, if intense retracements force Bitcoin to produce a lower low beneath the swing low of $40,867, it will cancel the bullish narrative. With that, BTC will ruin the recovery party as altcoins will plummet.

Ethereum Follows Bitcoin

Ethereum’s price surged almost 30% from its $3,370 swing low recorded on December 4. The first resistance barrier the leading alt will encounter stands at $4,493. If Ethereum overcomes this hurdle, it will target $4,659 before $4,777.

Ethereum will hit these areas without hurdles, but holders need to watch the $4,878 ATH as the alt may revisit the level. Massive bullishness might see ETH extending past its all-time peak, printing another ATH at $5,000.

Though Ethereum’s impressive price outlook, failure to overcome the hurdle at $4,493 will show buyers’ weakness. If the coin corrects to form a lower low under $3,890, it will revoke the bullish case. For now, the ETH price seems to pause before surging to retest hurdles at $4,659, then $4,777. Bitcoin’s move past $53,680 will support a broad-based recovery.

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