Bitcoin fell below the $60,000 support, failing to close above $63,174. Ethereum is up 11.75% over the past week, barely fending off a 29% crash. XRP, meanwhile, remains above its bearish support base at the 23.6% Fibonacci Retracement level.

Bitcoin (BTC) Weekly Summary$BTC

Bitcoin’s price has fallen by over 5% in the last seven days as investors have been selling. Profit-taking following the US Consumer Price Index (CPI) data that fell short of expectations has caused volatility in BTC and the overall crypto market. This has led to Bitcoin losing the critical $60,000 support and is currently trading at $58,408. If Bitcoin fails to recover without breaking the $58,200 support, the price could drop to $57,000. The next critical support level is at $54,500, and a test of this level could invalidate any bullish thesis.

Ethereum (ETH) Weekly Summary$ETH

Ethereum is up 11.75% over the past week and is currently trading at $2,618. However, despite ETH attempting to break out of the $2,681 resistance level twice, it has failed to close above it. There is a risk of a drop in Ethereum’s price, but it is not expected to fall below $2,400. The next key support level is at $2,344. ETH could remain close to the $2,681 resistance level, but if bearish signs emerge and ETH declines, the $2,344 support level could be tested, which could invalidate the bullish thesis.

XRP Weekly Summary$XRP

Unlike Bitcoin and Ethereum, XRP is choosing its own direction. Currently trading at $0.568, XRP has lost the 38.2% Fibonacci Retracement support at $0.587. The cryptocurrency is looking at a possible drop to the 23.6% Fibonacci level at $0.524. This bearish support base could prevent further declines and help XRP recover. However, if XRP breaks this level, it could see a significant drop in price. The altcoin could lose any chance of a recovery, as well as a drop to $0.500 or lower.

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