There are important developments in the crypto market and Bitcoin's loss of value at the critical support level has affected the entire market. Investors sold as a result of the lower than expected US Consumer Price Index (CPI) data. In this article, we will examine the current analysis of Bitcoin, Ethereum and XRP, the three major assets of the crypto market, and their possible movements in the coming weeks.
Bitcoin Analysis$BTC
Bitcoinâs price has fallen by more than 5% in the last seven days. There was a brief recovery after the inflation data was released, but it has lost value due to profit taking. Bitcoin is trading at $58,408 at the time of writing, having lost the critical support level of $60,000. Bitcoin is currently expected to rally from the support level of $58,200. However, if this support level is lost, Bitcoin risks losing $57,000, with the next critical support level at $54,500.
Ethereum Analysis$ETH
Ethereum price is currently trading at $2,618, up 11.75%, although it has failed to break above the $2,681 resistance level, despite being breached twice in the past week. There is a possibility of a price drop in Ethereum and a possible drop below $2,400. The next important support level is at $2,344. If Ethereum loses the $2,344 support, it could invalidate the bullish thesis.
XRP Analysis$XRP
XRP is showing a different movement from Bitcoin and Ethereum and is currently trading at $0.568. The altcoin has lost support from the 38.2% Fibonacci Retracement level at $0.587. XRP is currently facing a possible drop to the 23.6% Fibonacci line at $0.524. This level is said to be the level that could help XRP halt its decline and recover. However, if the XRP price drops below this level, it could drop to $0.50 or lower and lose the chance of a recovery.
Bitcoin losing the $60,000 support could be considered a significant bearish signal in the market.
Ethereumâs failure to clear the $2,681 resistance level is a factor to watch out for investors.
The decline in XRP below the $0.524 support level suggests a heavy downtrend.
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