A gust of fresh air is rushing through the cryptocurrency market after Bitcoin topped $12,000 for the first time since the beginning of September. While the flagship cryptocurrency is still on an upward roll, other major and minor cryptoassets are standing still, unbothered by the bullish action. For instance, Ethereum is still dealing with the hurdle at $380, while XRP is limited under $0.25.

Bitcoin eyes $13,000 in the near term

After taking down the resistance at $12,000, Bitcoin majestically extended the upper leg above the next target at $12,200. At the time of writing, BTC is trading at $12,288 amid a fast-building bullish momentum. The Relative Strength Index (RSI) gives credence to the price action, suggesting that gains can extend to $12,500.

The bullish outlook is also validated by the golden cross made after the short term 50 Simple Moving Average crossed above the 100 SMA in the 4-hour timeframe. If gains continue in the near term, the fear of missing out (FOMO) might grip the market, encouraging investors to buy more Bitcoin.

BTC/USD 4-hour chart

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The IOMAP model by IntoTheBlock reveals an absence of substantial resistance to $13,000. In other words, Bitcoin has a path cleared of significant obstacles and if it capitalizes on it, $13,000 is probably a conservative prediction.

However, the seller congestion between $13,015 and $13,382 must be overcome to actualize rally to $14,000. Here, nearly 102,000 addresses previously bought almost 65,000 BTC.

On the downside, the bellwether cryptocurrency is sitting on an area with immense support. Thus it’s very doubtful a breakdown will come into the offing in the near term. Nonetheless, in case of a reversal, $11,800 could be retested. For now, the region with robust support lies between $11,529 and $11,985. Here, roughly 1.7 million addresses previously bought around 1.1 million BTC.

Bitcoin IOMAP chart

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Ethereum could follow in Bitcoin’s footsteps

Ethereum bulls appear to be waking up after stalling at $380. At the time of writing, the price has sliced through the hurdle. If buyers continue building on the newly overcome level at $380, their focus will shift to $390 and $400.

The Moving Average Convergence Divergence (MACD) has crossed into the positive territory. A vast divergence above the MACD shows that bulls are slowly regaining control. Hence, recovery towards $400 is possible.

ETH/USD hourly chart

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IntoTheBlock’s IOMAP model illustrates a lack of striking hindrances ahead of the smart contract token. Thus, if the subtle seller congestion between $383 and $394 is broken, a rally will erupt, blasting ETH above $400.

On the flipside, immense support exists between $371 and $381 due to the previous demand for the token in the range. Here, nearly 1.8 million XRP bought about 14.6 million ETH. This support must be defended; otherwise, ETH may retrace steps to $360.

Ethereum IOMAP chart

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Ripple’s recovery still in jeopardy

XRP has held firmly to the initial support at $0.24 over the last week. However, the upside is still capped under $0.25, with buyers left with little space even to wriggle. For now, Ripple is dealing with the resistance at the 100 SMA in the 4-hour timeframe.

Since gains past $0.25 are unlikely, the 50 SMA is in line to provide immediate support. The RSI is pointing downwards, suggesting that the downtrend trend is catching momentum. Further down, $0.24 is a critical demand zone, but the primary support is $0.22.

XRP/USD 4-hour chart

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It is worth mentioning that XRP holders are still accumulating, perhaps in anticipation of a rally to $0.30. For instance, Santiment, a leading provider of on-chain metrics, shows that addresses holding between 1 million and 10 million XRP have grown consistently over the last 30 days.

Similarly, those addresses holding more than 10 million XRP rose from 306 on October 17 to 311 on October 21. If this buying spree remains, the pressure will also mount behind XRP, in the end, setting the token on a path to recovery.

Ripple holder distribution chart

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Daily takeaway

Bitcoin eyes $12,400 after overcoming the hurdles at $12,000 and $12,200. On-chain metrics show that the path of least resistance is to the north. On the downside, support at $11,800 will prevent extreme price dips.

Ethereum finally climbed above $380 but is adamant about following in the footsteps of Bitcoin. Despite on-chain data showing the absence of challenging hurdles, bulls are still waiting on the sidelines, probably until Ether confirms a breakout above $390.

Ripple has run into a short term resistance at the 100 SMA in the 4-hour timeframe. Besides, supply at $0.25 is proving too concentrated, also limiting movement. However, as whales keep stocking XRP, buying pressure is bound to increase and restart the uptrend again.