Bitcoin (BTC), Ethereum (ETH), and XRP have had a tough week amidst a gloomy macroeconomic environment. Nevertheless, all three assets are showing signs of reclaiming key support levels.
BeInCrypto analyzes three major cryptocurrencies and explores what investors can expect in the coming week.
Bitcoin Weekly Summary: Price Holds
Bitcoin’s price fell nearly 6% last week, and it held off a bigger drop over the weekend. Currently, BTC is trading at $61,334 and is attempting to turn $61,868 into support. Breaking this resistance level is crucial for Bitcoin to regain momentum.
A successful conversion of $61,868 into support could help Bitcoin recover recent losses. This move could push the price above $65,000, setting the stage for a breakout of the $65,292 resistance level.
Read more: Bitcoin Halving History: Everything You Need to Know
However, if Bitcoin fails to break $61,868, the bullish outlook will be invalidated. If this strong resistance level is not broken, the price could fall to $60,000, which could intensify the downward pressure.
Ethereum Secures Support Line
The price of Ethereum has fallen more than Bitcoin, down 9.6% in the past week. This decline has taken ETH to $2,378, where it has bounced off the important support level of $2,313. Traders are watching Ethereum’s next move amid this volatility.
Ethereum is currently trying to turn the 23.6% Fibonacci retracement level into support. Achieving this could provide Ethereum with the necessary momentum and the potential for a recovery in the coming days.
Read more: How to Invest in Ethereum ETFs?
However, Ethereum could face additional selling pressure. A drop below $2313 would invalidate the current bullish outlook, causing ETH to fall to $2223.
XRP, the key is whether it can secure the $0.55 support line
The XRP price has suffered the biggest drop among major cryptocurrencies, plummeting 18% over the past four days. However, the altcoin has not broken below the crucial 38.2% Fibonacci level at $0.52, suggesting a possible recovery.
A bounce from this support level could see XRP head towards the 50% Fibonacci level at $0.55. Breaking this critical level is essential for XRP to recover recent losses and regain momentum.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
However, if XRP fails to establish $0.55 as support, it could enter a correction with $0.52 as the lower limit. This would invalidate the bullish outlook and delay recovery efforts.
