Wednesday, Nov. 27 — Crypto markets continue to improve, with Bitcoin (BTC) showing signs of recovery as it finds its way back above the $7,500 price mark.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin started the day at $7,190, at which point the world’s largest crypto coin found an intra-day low of $6,900 before moving up again to its current trading price near $7,540. After a rollercoaster 24 hours, BTC is showing an impressive gain of more than 5% for the day.
Bitcoin daily price chart. Source: Coin360
Bitcoin’s next target could be $8,100
According to Cointelegraph contributor Horus Hughes, Bitcoin could jump to $7,800, and even up to $8,100, before the coin encounters any significant overhead resistance. Hughes pointed out that Bitcoin had to close above the former support turned resistance at $7,400, for Bitcoin to push its price closer to the $7,800 resistance.
Hughes added that it seems unlikely that Bitcoin price will drop to $5,000 area again, but that it’s always good to consider bullish and bearish scenarios. “One would like to think that a drop to $5,500 will be avoided if bulls can keep the price above $7,300 and $6,700,” he wrote.
Commodities trader and technician Peter Brandt previously revealed his belief that BTC could spend months trading at $5,500 before it recovers.
Meanwhile, Ether (ETH) continues to trade in sync with BTC. The top altcoin bounced off its daily low of $143 before moving up to its current trading price of around $154 per coin. Ether is showing a modest gain of around 3.3% at press time.
Cointelegraph contributor Rakesh Upadhyay said that if the bulls can propel Ether’s price above $151.83, the coin will pick up momentum and possibly see trading levels around the $173 price mark.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is also following today’s trend and currently sits at $0.225 to show a gain of more than 2% for the day. But the coin is…