Bitcoin’s price loss, which occurred at a crucial support level, impacted the entire crypto market. Investors sold off following lower-than-expected US Consumer Price Index (CPI) data.
BeInCrypto has analyzed the big three assets in the crypto market and their potential for the coming week.
Bitcoin (BTC) Weekly Wrap
Bitcoin’s price fell by over 5% in the last seven days as crypto investors moved to sell. BTC and the rest of the market rose slightly this week following the release of inflation data but fell soon after due to profit-taking.
This led to BTC losing the crucial support of $60,000, resulting in Bitcoin’s price trading at $58,408 at the time of writing. Looking to bounce off the support at $58,200 BTC, BTC could recover $60,000 as support.
Read more: Bitcoin Halving History: Everything You Need To Know
However, if this does not happen and the decline continues, the crypto asset could end up losing $57,000. The next crucial support lies at $54,500, and testing it would invalidate the bullish thesis.
Ethereum (ETH) Weekly Wrap
Ethereum’s price has failed to secure a recovery, rising by 11.75%, trading at $2,618 at the moment. The altcoin king did not manage to close above the resistance at $2,681 despite breaching it twice in the last week.
The likelihood of a price decline in ETH looms, though it may not drop below $2,400. The next key support level is at $2,344, but the altcoin could stay nearer to the resistance level of $2,681.
Read more: How to Invest in Ethereum ETFs?
However, if bearish cues dominate the market and ETH notes a decline, it could fall to test the support at $2,344, invalidating the bullish thesis.
XRP Weekly Wrap
XRP price did not follow the path set by BTC and ETH; instead, it has been charting its own. Trading at $0.568 presently, the altcoin lost the support of the 38.2% Fibonacci Retracement line at $0.587.
The crypto asset is now looking at a possible drop to the 23.6% Fibonacci line at $0.524. Also known as the bear market support floor, this level could prevent further drawdown and help XRP recover.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
But if the XRP price slips through this level, it will show heavy bearishness. In addition to falling to $0.500 or lower, the altcoin will also invalidate any shot at recovery.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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Aaryamann Shrivastava
https://beincrypto.com/bitcoin-ethereum-xrp-wrap-august-16/
2024-08-16 14:00:00
