Crypto Market Shows Recovery
📊 Crypto Today: Bitcoin Bulls Eye $116,000 as Ethereum and XRP Steady
Bitcoin (BTC) extended its gains on Monday, trading above $112,000 as bulls attempt to regain control following last week’s persistent drawdown. Altcoins, including Ethereum (ETH) and Ripple (XRP), are showing subtle bullish signals that could shape the market trend this week.
Bitcoin has rebounded from last week’s decline to $108,630, reflecting improved risk-on sentiment across the broader cryptocurrency market. Oversold conditions likely encouraged buy-the-dip orders, positioning investors for this week’s trading.
According to CoinGlass, retail interest began improving on Sunday, with futures Open Interest (OI) rising from $77.72 billion to $79.17 billion by Monday. A consistent rebound in OI suggests traders are gaining confidence, with liquidations forcing shorts to close in favor of long positions targeting a move toward $116,000.
Ethereum has recovered above $4,100 after last week’s sharp correction to $3,811.
From a technical perspective, Ethereum faces resistance at the 50-day EMA ($4,209). A breakout above this level could validate a medium-term uptrend toward the record high of $4,956, while the 100-day EMA ($3,864) provides critical support.
XRP is delicately holding support at $2.83 (100-day EMA) after rejection at the 50-day EMA ($2.92).
A successful breakout above $2.92 could support a trend reversal, while failure to hold $2.83 risks a decline toward $2.70 or even the 200-day EMA ($2.61).
Bitcoin is currently holding above the 100-day EMA ($111,758). The RSI has rebounded to 47 from last week’s low of 36, signaling renewed buying pressure.
The crypto market begins the week with cautious optimism. Bitcoin’s recovery above $112,000 has shifted focus to the $116,000 resistance, while Ethereum and XRP are showing early signs of stabilization. Still, technical indicators warn that the path higher may remain volatile, with bulls needing to prove their strength at key resistance levels.