Losses Hit the Big Ones: Bitcoin, Ethereum, and Ripple in a Week
The crypto market has been moving steadily and cautiously ahead of the US Non-Farm Payrolls (NFP) report. The price of Bitcoin (BTC), as well as Ethereum (ETH), has been seen to be slightly bearish, while XRP appears vulnerable to further declines.
BeInCrypto Analytics finds that while the big three have not seen sharp declines, there is a chance that the coming week may not prove to be a bullish one for them.
Bitcoin Weekly Report: Price Action Remains Bearish
Bitcoin price has remained in a bearish pattern, forming a wide-angled falling wedge. This technical formula predicts a potential 21% drop, which could send Bitcoin to $42,804 if the pattern breaks.
However, a major crash may not be imminent. Volatility has been decreasing, with Bitcoin’s price down less than 5% over the past week.
This drop in market activity suggests that while the downtrend remains intact, a sharp drop may be delayed. Low volatility provides Bitcoin with an opportunity to consolidate before any major moves occur.