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▲ Bitcoin (BTC), Ethereum (ETH), XRP/ChatGPT generated image ©
As Bitcoin (BTC) breaks through $78,000 and extends its rebound, expectations of easing tensions in the Middle East are stimulating upward momentum across the cryptocurrency market.
According to investment media FXStreet on April 22 (local time), US President Donald Trump's further extension of the ceasefire with Iran has increased expectations for continued negotiations, leading to a simultaneous upward trend for major cryptocurrencies including Bitcoin, Ethereum (ETH), and XRP (Ripple).
Market sentiment is rapidly improving. The total cryptocurrency market capitalization increased by 1.8% over 24 hours to $2.7 trillion, and the Fear & Greed Index also moved from the 'Extreme Fear' zone to the 'Fear' stage. The recovery in investor sentiment is increasing the likelihood of expanded preference for risky assets and fueling expectations for further rebounds.
Bitcoin is currently trading at approximately $78,145, maintaining an upward structure above its 50-day moving average of $72,351 and 100-day moving average of $75,379. The Relative Strength Index (RSI) is at a level of 65, positioned in an upward trend just before overbought, and the Moving Average Convergence Divergence (MACD) also remains in positive territory, indicating a buy-side dominance. However, the psychological resistance level of $80,000 and the 200-day moving average of $82,574 are identified as key short-term resistance zones for further gains.
Ethereum is trading at approximately $2,387, maintaining above its 50-day moving average of $2,223 and 100-day moving average of $2,355, continuing its short-term upward trend. The RSI is around 60, and the MACD shows a moderate upward trend, leaving room for further gains. Short-term resistance is suggested at $2,465, and medium-term resistance at the 200-day moving average of $2,646.
XRP is maintaining an upward trend at around $1.45, staying above its 50-day moving average of $1.41, but the 100-day moving average of $1.54 and 200-day moving average of $1.78 are still capping the upside. An RSI of 59 and a positive MACD trend suggest increasing buying pressure, but if the $1.41 support level breaks, a correction is also 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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