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▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©
Although expectations for a Bitcoin rally have revived, it has repeatedly been blocked by key resistance levels, making it clear that the market has entered a 'stagnation phase before an uptrend'.
According to FXStreet, an investment media outlet, on April 23 (local time), Bitcoin (BTC) saw its upward momentum slow after encountering resistance near $78,000. Ethereum (ETH) and XRP (Ripple) also showed a synchronized correction trend after reaching weekly highs of $2,424 and $1.46, respectively. Overall market sentiment has improved, but prices continue to move in a limited range without breaking through major resistance zones.
Investor sentiment is gradually recovering. The Fear & Greed Index is still in the 'fear' zone at 46, but it has rebounded quickly from 32 the previous day and 'extreme fear' at 23 last week. In addition, with the continued US-Iran truce, institutional demand is supporting market sentiment, with approximately $85 million flowing into spot Bitcoin ETFs daily, reaching a cumulative $58.08 billion and total assets of $100.98 billion.
Bitcoin maintains an upward structure in the short term, but momentum is gradually approaching an overheated zone. The price is stably supported above the 50-day exponential moving average (EMA) of $72,577 and the 100-day EMA of $75,433. The Relative Strength Index (RSI) is in the mid-60s, and the Moving Average Convergence Divergence (MACD) remains in positive territory. However, the Money Flow Index (MFI) has entered the overbought zone, simultaneously indicating short-term upward fatigue. Upper resistance levels are suggested at $79,473, followed by $82,524 as a major turning point.
Ethereum continues its structural rebound trend, maintaining above the 50-day line of $2,227 at around $2,343. Particularly after breaking through a long-term downtrend line, the area around $2,108 is acting as support, and upward energy is accumulating, as indicated by an RSI of 57 and a positive MACD crossover. However, with the MFI rising to 74, the possibility of short-term overheating is raised, and the upper 100-day line at $2,354 and the 200-day line at $2,646 are identified as key resistance levels.
XRP is barely maintaining above the 50-day line of $1.41 around $1.42, continuing its sideways consolidation. The RSI remains above neutral at 54, and the MACD also shows a positive trend, but the MFI has risen to 80, signaling accumulating buying fatigue. Resistance levels are formed sequentially at $1.46, $1.54, and $1.78. If the lower support level of $1.41 breaks, further correction is possible.
*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.*
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