Bitcoin and Ethereum Struggle to Maintain Gains, XRP Rallies on Optimism over the SEC Case Closing

Crypto trader Intuitio argues that Bitcoin has only had a taste of the bull market, while Ethereum never truly experienced one—it was merely in an echo bubble that has now deflated.

Bitcoin and Ethereum struggled to maintain gains on Monday, with both cryptocurrencies pulling back from recent highs. However, XRP continued to rally on optimism over the Securities and Exchange Commission (SEC) potentially closing its case against Ripple.

Bitcoin fell 1.2% over the past 24 hours to $63,583.66 by 07:38 ET (11:38 GMT). The world’s largest cryptocurrency had touched a new all-time high of $65,000 on Sunday.

Ethereum dropped 2.4% to $4,035.56, pulling back from a recent high of $4,180.

Meanwhile, XRP rose 6.7% to $1.43 after a report by the Block that the SEC could be nearing a closure of its case against Ripple. The regulator sued the blockchain firm in December 2020 for illegally selling unregistered securities to investors in a fundraising round that began in 2011.

The SEC is also investigating several other cryptocurrency firms, including Coinbase (NASDAQ:COIN) and Circle.

Here are some notable statistics from the cryptocurrency market.

BTC/USD

Last: 63,543.49

High: 64,241.44

Low: 63,116.38

Net Change: -1,097.94

Volume: 28,843

Yesterday's Close: 64,641.43

Open: 63,634.37

Chart: Trading View

Notable Developments:

Crypto trader Intuitio argued that Bitcoin has only "had a taste" of the bull market, while Ethereum never truly experienced one - it was merely in an “echo bubble” that has now deflated.

With BTC now retesting its previous all-time high, he believes the claim that "the bull run hasn't even begun" may hold weight.

Jelle sees bears still in control, noting that Monday's highs were swept, followed by a lower low after a series of higher lows.

He warns that when bearish setups play out cleanly, there's no reason to chase short-term upside - instead, patience is key.

Moustache aka El Crypto Prof notes that the last time the S&P 500's daily RSI was this low, Bitcoin rallied over 300% afterward. With both BTC and the S&P 500 touching a key trendline, he believes this could be a bullish signal.

#Bitcoin The last time the RSI in the S&P 500 (D) was this low, $BTC rose more than 300% thereafter.

-Both assets are also touching a very important trend lineBe more bullish guys.

S&P 500 chart: crucially we closed back below yesterday's candle, which is a bearish development. But on the plus side, we're still holding the 3900 fib, and we're testing the 200 SMA. If we get a lower low tomorrow, it will complete a bullish divergence on the MACD. Also, the RSI is getting very low - last time it went this low in 2019, BTC went on a 300% run. S&P 500 chart: crucially we closed back below yesterday's candle, which is a bearish development. But on the plus side, we're still holding the 3900 fib, and we're testing the 200 SMA. If we get a lower low tomorrow, it will complete a bullish divergence on the MACD. Also, the RSI is getting very low - last time it went this low in 2019, BTC went on a 300% run. If we get a lower low tomorrow, it will complete a bullish divergence on the MACD. Also, the RSI is getting very low - last time it went this low in 2019, BTC went on a 300% run. If we get a lower low tomorrow, it will complete a bullish divergence on the MACD. Also, the RSI is getting very low - last time it went this low in 2019, BTC went on a 300% run.

If we get a lower low tomorrow, it will complete a bullish divergence on the MACD. Also, the RSI is getting very low - last time it went this low in 2019, BTC went on a 300% run.

If we get a lower low tomorrow, it will complete a bullish divergence on the MACD. Also, the RSI is getting very low -