Bitcoin (BTC), like Ethereum (ETH) and XRP, has had a tough week as macro-financial conditions remain challenging. Nevertheless, each of the three assets is moving closer to recovering key support levels.
BeInCrypto analyzed the three major cryptocurrencies and what investors should expect from them next week.
Bitcoin Weekly Wrap: Price Holds
Bitcoin’s price has fallen nearly 6% over the past week, and the weekend prevented it from falling significantly. Currently, BTC is trading at $61,334 and is trying to flip to the $61,868 support level. Breaking through this resistance is critical for Bitcoin to regain momentum.
A successful switch to support at $61,868 could help Bitcoin recoup recent losses. This move could push the price above $65,000 and set the stage for a breakout of the $65,292 resistance, a key level for further upside.
Read more: The history of the Bitcoin halving: Everything you need to know
Bitcoin price analysis. Source: TradingView
However, the bullish outlook will be invalidated if Bitcoin fails to break out above $61,868. If this strong resistance level does not break, it could lead to a decline towards $60,000, further increasing downward pressure.
Ethereum needs support
Ethereum’s price has fallen more sharply than Bitcoin, dropping 9.6% over the past week. This drawdown helped ETH rise to $2,378 after bouncing off the key support level at $2,313. Traders are keeping an eye on Ethereum’s next move amidst this volatility.
Ethereum is currently targeting a reversal to the support of the 23.6% Fibonacci retracement level. Achieving this level, known as a bear market support floor, could give Ethereum the momentum it needs for a potential recovery in the coming days.
Read more: How can I invest in Ethereum ETFs?
Ethereum price analysis. Source: TradingView
Nevertheless, Ethereum could face further selling pressure if bearish signals strengthen. A break below $2,313 will invalidate the current bullish outlook and ETH could fall to $2,223.
XRP is relatively safe
XRP price has fallen the most among major cryptocurrencies, dropping 18% in the past four days. However, the altcoin managed to avoid falling below the important 38.2% Fibonacci line at $0.52, hinting at a possible recovery.
A rebound from this support level could push XRP towards the 50% Fibonacci line at $0.55. Breaking through this important level will be essential for XRP to regain momentum and recover from recent losses.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
XRP price analysis. Source: TradingView
However, if XRP fails to convert to support at $0.55, it may enter a consolidation period with the floor at $0.52. That would invalidate the bullish outlook and delay further recovery efforts.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although BeInCrypto strives for accurate and unbiased reporting, market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decisions. Please note that our Terms of Use, Privacy Policy, and Disclaimer have been updated.
