By Elsa Ohlen
Bitcoin and other cryptos were showing signs of a sustained recovery at the start of the week after the market upheaval following President Donald Trump's tariff plans.
Bitcoin was up 1.3% to $85,655 over the past 24 hours, according to CoinDesk data.
XRP, the digital coin used to facilitate and settle transactions on Ripple's payment platform, rose 0.7% to $2.15. Ether climbed 0.6% to $1,645.
Bitcoin is now above the $85,000 level, attempting to break through the 50-day moving average, FxPro analyst Alex Kuptsikevich said. "A sustained consolidation above this level will be an important signal of a trend change."
For long-term traders, however, the 200-day average of $87,500 will be a more reliable reference point, Kuptsikevich added.
Technical analysis indicates a bullish momentum also for smaller cryptos. XRP, Cardano and Solana have also found support levels -- where demand is strong enough to stop prices from falling further -- according to CoinDesk.
There are limitations with this type of analysis that doesn't take into account unforeseen events and changes in market sentiment. Technical analysis is instead based on the idea that previous market patterns can predict future movements, which isn't always the case.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 15, 2025 05:40 ET (09:40 GMT)
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