Bitcoin, Ethereum, XRP Continue to Stall After Hitting Resistance Levels

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

Although expectations for Bitcoin's rise have revived, it has repeatedly been blocked by key resistance levels, making it clear that the market has entered a 'stagnation phase before a surge'.

According to FXStreet, an investment media outlet, on April 23 (local time), Bitcoin (BTC) slowed its upward momentum after hitting resistance near $78,000. Ethereum (ETH) and XRP (Ripple) also showed accompanying correction trends after their weekly highs of $2,424 and $1.46, respectively. Overall market sentiment has improved, but prices continue to show limited movement without breaking through major resistance zones.

Investor sentiment is gradually recovering. The Fear & Greed Index, while still in the fear zone at 46, has quickly rebounded from 32 the previous day and an extreme fear level of 23 last week. Furthermore, institutional demand is supporting market sentiment, with approximately $85 million in funds flowing into spot Bitcoin ETFs daily, alongside the maintenance of a US-Iran truce, bringing the cumulative total to $58.08 billion and total assets to $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 of $72,577 and the 100-day exponential moving average 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 key inflection points.

Ethereum continues its structural rebound, maintaining above its 50-day moving average of $2,227 at the $2,343 level. Particularly, after breaking through a long-term downtrend line, the area around $2,108 is acting as support, and upward energy is accumulating with an RSI of 57 and a MACD positive crossover. However, with the MFI rising to 74, there is a possibility of short-term overheating, and the 100-day moving average at $2,354 and the 200-day moving average at $2,646 are identified as key resistance levels.

XRP is barely maintaining above its 50-day moving average of $1.41 at the $1.42 level, continuing its sideways trading range. The RSI remains above neutral at 54, and the MACD also shows a positive trend, but the MFI has risen to 80, indicating 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.

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