Bitcoin’s price has seen a nearly 6% decline over the past week, with the weekend preventing a more significant drop. Currently, BTC is trading at $61,334 and is attempting to turn $61,868 into a support level. Breaking this resistance is crucial for Bitcoin to regain upward momentum.
If Bitcoin successfully flips $61,868 into support, it could recover recent losses, potentially pushing the price beyond $65,000 and setting the stage to breach the resistance at $65,292, which is vital for further gains.
Ethereum has dropped more significantly than Bitcoin, experiencing a 9.6% decline over the last week. This downturn brought ETH to $2,378, after bouncing off a crucial support level of $2,313. Traders are closely monitoring Ethereum’s next moves amidst this volatility.
Ethereum is now aiming to flip the 23.6% Fibonacci Retracement level into support. Known as the bear market support floor, achieving this could provide Ethereum with the momentum needed for a potential recovery in the coming days.
XRP price suffered the most among major cryptocurrencies, plunging by 18% over the last four days. However, the altcoin has managed to stay above the critical 38.2% Fibonacci line at $0.52, which indicates some recovery potential.
A bounce off this support level could push XRP towards the 50% Fibonacci line at $0.55. Breaching this key level is essential for XRP to regain momentum and recover from recent losses.
However, if XRP cannot turn $0.55 into support, it may enter a consolidation period with $0.52 as the lower limit, delaying any recovery attempts.
