Today's Virtual Assets: Bitcoin, Ethereum, Ripple's Uptrend Strengthens Bullish Outlook

▲ Bitcoin (BTC), Ethereum (ETH), Solana (SOL)/ChatGPT generated image ©

As Bitcoin settles around the $86,000 mark and targets a breakthrough to $90,000, Ethereum and Ripple are also building strong upward momentum, leveraging key support levels.

According to FXStreet, an investment media outlet, on October 2 (local time), the virtual asset market is showing an overall recovery, led by Bitcoin (BTC)'s rebound. Ethereum (ETH) has recovered to $2,700, reconfirming its bullish structure, while Ripple (XRP) is consolidating buying pressure around $1.54, aiming to break its September high of $1.66. Crypto Finance, a virtual asset financial firm, analyzed that institutional demand, such as the continued inflow into spot Bitcoin Exchange Traded Funds (ETFs), is providing solid downside support.

Investment sentiment also signals a clear preference for risk assets. The Fear & Greed Index, which represents market sentiment, recorded 72 after 74 the previous day, remaining in the Greed zone. This supports the notion that market trends are leaning towards an uptrend, increasing the possibility of further rallies.

Bitcoin has built a solid technical support base, significantly surpassing its 50-day Exponential Moving Average (EMA) of $78,402, 100-day EMA of $74,757, and 200-day EMA of $74,846. The SuperTrend indicator also points to buying dominance around the $78,979 level, and the Relative Strength Index (RSI) maintains healthy upward pressure at 68, just before entering the overbought zone. Although a temporary consolidation is underway due to resistance around the $87,000 supply zone, upward pressure is maintained as the major moving average support lines remain intact.

Ethereum and Ripple are also continuing their concurrent bullish trend. ETH is trading at $2,753, forming a strong trend above its 50-day EMA of $2,469 and SuperTrend of $2,476; however, with an RSI of 67, there is a possibility of short-term sideways movement around the $2,800 resistance level. Meanwhile, XRP settled above the $1.40 breakout zone, then surpassed its 50-day EMA of $1.38 and 200-day EMA of $1.37, climbing to the $1.54 level, securing further upward potential with an RSI of 60.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*