Bitcoin (BTC) Makes Surprise Rally Amid Grim Market Outlook, XRP, ETH Up

The sluggish bitcoin (BTC) price selloff taking shape in the last 6 weeks has paved the way for a bullish trajectory on the daily charts.

Modest gains

Bitcoin ushered in January with positive indications of firmness. However, the leading standard in digital currency returned to its downward movement in no time, and bitcoin is worth around $3,413, as of 5.50 p.m. yesterday based on update by CoinBase.com.

Following some modest declines in the past days, bitcoin is keeping its weekly momentum, posting 0.27 increase during the past seven days.

Breakout looms

In contrast, still the bulls have something to cheer about as the chart’s lower highs and lower lows in the past six weeks have intersected, manifesting a downward cone or a falling wedge. A falling wedge is a bullish reversal figure that starts broad at the top and tightens as prices go down.

If confirmed, a breakout could set the stage for a strong corrective move. If the current trend continues as market players hope, should see this highly-expected correction. Breakouts, in layman’s terms, are simply cryptocurrency price coming out of a previous trading arc.

Other crypto surge

Meanwhile, Ripple (XRP), rose 0.77 pct early this morning, and is trading at $0.304 as of this posting. XRP – the second-biggest virtual money in terms of market cap – soared 3.4 pct in the last week.

Ethereum (ETH), on the other hand, is having moderate growth of about 0.85 pct, climbing 2.87 for the week, trading at $108.29 at press time. ETH is the third leading crypto in terms of market cap.

Total crypto market capitalization is currently pegged at $114 billion, witnessing modest gains from $113.5 billion in the last 24 hours.