Last Updated on February 15, 2022 by Stephan Lindburg
Nearly every cryptocurrency across the board saw a relative peak on Thursday, followed by a sudden drop overnight and a slump to a low on Sunday, and a gradual recovery. Signs point to a bullish market over the next week with marked recovery.
While recent recovery has had many investors optimistic for Bitcoin’s price, the last week has seen a drop from $45,000 to $42,000. While this downturn might have some worried, many of Bitcoin’s largest holders are still buying, likely driven by hopes of a continued long-term rebound.
Technical Analysis Shows Bitcoin and More Already Recovering From Thursday Night’s Drop
Already recovering, the week’s drop didn’t see price breach the 20-day moving average of $41,000, a bullish sign that bodes well for the coming week. Primary patterns indicate that we could see Bitcoin rise to as much as $52,000 before any major resistance is seen.
Ethereum has also seen a major dip from earlier in the week, with a current price of around $2950, down from as high as $3260. Unlike Bitcoin, Ethereum has, in fact, dipped below its 20-day moving average of $3347, a sign that could see prices drop even further next week.
Ripple followed a similar pattern, nearly dipping below $0.75 and now resting around $0.80. The significant dip could have seen Ripple pass the breakthrough level of $0.75, which would have caused a significant bearish turn. With a more pronounced peak over the last month than Bitcoin, we could see XRP go either way for now.
FTX Token (FTT)
FTX Token has seen a drop from $48 to just under $45 over the course of the week, a seeming leveling out after several weeks of steady growth. With significant resistance at the $50 price point, it isn’t clear if FTX Token will be able to break out of this slump and continue the previous weeks’ pattern of growth.