There are some notable developments in the crypto market. Bitcoin’s loss of value at a critical support level has affected the entire crypto market. Investors are inclined to sell after the lower-than-expected US Consumer Price Index (CPI) data. In this article, we analyze the three major assets of the crypto market, Bitcoin, Ethereum and XRP, and examine their potential movements in the coming weeks.
Bitcoin Analysis
Over the last seven days, Bitcoin’s price has fallen by more than 5%. After the release of the inflation data, Bitcoin briefly rose, but fell again due to profit taking. This led to Bitcoin losing its critical $60,000 support level, and at the time of writing, Bitcoin’s price is trading at $58,408. Bitcoin is expected to recover from the $58,200 support level. If this support level is not regained and the decline continues, Bitcoin could lose the $57,000 support, with the next critical support at $54,500.
Ethereum Analizi
Ethereum is currently trading at $2,618, up 11.75%. However, it has failed to break past the $2,681 resistance despite being breached twice last week. Ethereum’s price has the potential to decline, but it is unlikely to drop below $2,400. The next important support level is at $2,344, and Ethereum is likely to remain close to the $2,681 resistance level. However, if bearish signals prevail in the market and Ethereum loses this support level, the $2,344 support could be tested, invalidating the bullish outlook.
XRP Analysis
XRP has created its own dynamics by following a different path than Bitcoin and Ethereum. Currently trading at $0.568, XRP has lost the support of the 38.2% Fibonacci Retracement level at $0.587. XRP is currently facing a possible drop to the 23.6% Fibonacci level at $0.524. This level is known as a bear market support base and could help XRP recover by preventing further declines. However, if the XRP price falls below this level, it could drop to $0.50 or lower and lose its chance to recover.
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