After a strong recovery rally last week, Bitcoin (BTC) is showing signs of consolidation around the $104,000 price level on Monday. The world’s leading crypto, Bitcoin, saw a significant 10.44% increase in price daily and weekly. Ethereum (ETH) is finding support near its 200-day Exponential Moving Average (EMA), while XRP demonstrates resilience after breaking key resistance levels.

As we discussed last week, Bitcoin’s breakout above the $28.9K daily resistance level was significant. It is now providing indications of an impending turn back the other way. Ethereum has joined the party with a big breakout, and XRP has since calmed down after an explosive weekly pump of over 60%. Investors and analysts are watching these trends intently for clues about the next big move in the cryptocurrency space.

Bitcoin's Bullish Momentum and Resistance

Bitcoin (BTC) showed some serious power last week, as it broke and made a daily close above our daily resistance line of $97,700 on Thursday. That bullish move quickly shot the asset up to about $105,000. Nonetheless, Bitcoin took a minor dip on Sunday suggesting the start of some consolidation.

At press time, BTC was still struggling to break resistance at the $105K mark. Analysts caution that should Bitcoin keep retreating, it could fall much lower. Many of them think it might risk a retest of the key psychological barrier at $100,000. Conversely, a successful break and close above the $105,000 resistance could pave the way for an extended rally toward its all-time high of $109,588.

Technical indicators offer additional perspective into where Bitcoin stands today. The Relative Strength Index (RSI) on the daily chart is at 73, a level above the overbought threshold of 70. The RSI is sloping downwards, indicating possible bullish exhaustion and warning traders to be on alert.

Ethereum's Support and Breakout

Ethereum (ETH) recently dropped but is now back, trading at $2,513 as of Monday, looking to regain momentum. Meanwhile, Ethereum has recently established firm support at its 200-day EMA, currently fixed at $2,431. This round level has always been a great go-to support level over the years. As such, this support level is extremely important as it is the short term bullish outlook floor for Ethereum.

On Thursday, Ethereum broke above a long-term descending trendline, kicking off an impressive rally of around 44%. This breakout would mean the loss of momentum, a sign that buying interest and strength has returned to the market. How well Ethereum is able to hold above this trendline will be key, in our opinion, to where it goes next.

The recent price action indicates that Ethereum is bouncing back from significant technical damage, finding a new accelerating bullish path. Investors smartly have been focused on Ethereum’s success. They’d like to see it close above the 200-day EMA and continue progress on the recent breakout above the downtrend line.

XRP's Resilience and Stabilization

On the XRP side, the digital token achieved a significant technical advantage last week, breaking and closing above its 50-day EMA line at $2.20 on Thursday. This decision set off a bull run which made XRP jump by 16.69% as of Saturday. Furthermore, the breakout above the 50-day EMA serves as a strong affirmation of a bullish trend establishment for XRP.

At the time of writing, XRP price is on a consolidation phase at $2.38, after a week close to 10% gain. This stabilization indicates that XRP is digesting its gains and gearing up for its next possible move. The key determining factor of XRP’s ability to remain up above the $2.30 will be whether or not it can protect this level for continued upside momentum.

The strong performance of XRP in recent weeks indicates a growing positive sentiment among investors in the crypto market. As XRP finds some form of stabilization, traders are looking closely at its price action. Analysts are now looking for signs of underlying strength that would allow the prevailing upward trend to continue higher.