Bitcoin final take off at $ 22,500, cryptocurrency bull market on the threshold

• Bitcoin rejected the new all-time high but embraced support above $ 19,000 as it prepares for takeoff at $ 22,500.
• Ethereum has recovered ground above $ 600 ahead of the upcoming launch of Ethereum 2.0.
• Ripple has its sights set on $ 1, but the bulls must first break the stubborn resistance between $ 0.7 and $ 0.75.

The cryptocurrency market appears to be retreating after Bitcoin hit a new all-time high of around $ 19,882. Over the past 24 hours, the top 50 of cryptocurrencies have seen considerable gains. For example, Litecoin was up 12% to exceed $ 90; Bitcoin Cash rose 9% to trade hands at $ 313, while TRON swung up 8% to dance at $ 0.033 at the time of writing.

Bitcoin’s springboard at $ 22,500

The bellwether cryptocurrency is trading at $ 19,540 after claiming ground above $ 19,500. As discussed earlier, Bitcoin must maintain this crucial level to sustain the bullish trend aimed at $ 20,000 in the short term. A break above the recent high of $ 19,882 could catapult BTC into another bullish cycle, perhaps looking at $ 22,500.

The fear of losing (FOMO) has started to manifest itself in the market. Investors expect Bitcoin to enter a path of price discovery. Furthermore, the on-chain metrics, as explained above, suggest that BTC is only at the beginning of the bull run.

BTC / USD 4-hour chart

On the downside, support at $ 19,500 and $ 19,000 remains the key to the ongoing rally. If not firmly secured, massive selling activity could be triggered, perhaps strong enough to push Bitcoin below $ 18,000. Note that the 50 SMA is in line to offer support slightly above $ 18,000, hence the likelihood of BTC bouncing to higher levels.

Ethereum is hitting new annual highs

Ethereum broke above $ 600 as expected on Monday and just broke above $ 620, hitting a year-to-date high after bouncing off the initial support at $ 600.

The Ether bulls are intentional when it comes to pushing towards new yearly highs, especially with the probable launch of Ethereum 2.0 on December 1st. In particular, the staking function on Ethereum is a catalyst for the uptrend. Therefore, Ether could skyrocket to highs above $ 700, thus entering another bullish cycle towards $ 1,000.

ETH / USD 4-hour chart

On the flip side, the bullish case of price levels above $ 630 will be invalidated if bearish momentum builds below $ 610 and forces ETH below $ 600. The next interim support holds the ground at $ 560, but if the bears extend further, Ethereum will seek refuge at $ 520 and $ 500 respectively.

Ripple eyes $ 1 if this key resistance is broken

XRP appears to be based on the support at $ 0.65. The cross-border token continues to lead other altcoins in the ongoing bull cycle, as discussed earlier. Trading $ 0.7 and the next $ 0.75 hurdle could push Ripple significantly towards $ 1.

On the downside, the third largest cryptocurrency is trading above the areas with immense support. Aside from the immediate support at $ 0.65, Ripple has been holding above the 50 simple moving average since October. The large gap created by the 50 SMA above the 100 SMA and the 200 SMA suggests that the bulls hold control much longer.

XRP / USD 4-hour chart

On the other hand, the bullish outlook will be invalidated if Ripple is rejected at $ 0.7 and the declines break out of the provisional support areas at $ 0.65 and 100 SMA. Last week’s support at $ 0.45 will come in handy if massive losses occur. The 100 SM and 200 SMA will also contribute significantly to stop the downtrend.