Bitcoin
Will the bulls return this week?
The crypto market has exhibited strong bearish price action over the past few days, indicating an increase in bearish price sentiment in the crypto space. Furthermore, top altcoins show a similar trend, recording a negative trend in their valuations.
Furthermore, major tokens saw a significant correction in their respective portfolios, with market-leading Bitcoin and Ethereum tokens falling below their important support levels, highlighting a negative outlook for these tokens in the coming times.
With increasing price volatility in the cryptocurrency market, will Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) tokens register a strong bullish rally in their respective portfolios over the next week?
BTC price records a bearish reversal:
Despite increasing price volatility in the crypto market, Bitcoin price continues to trade in a tight range between $67,775 and $73,750, indicating weak price action. However, BTC has jumped 10.34% in the last 30 days and has a year-to-date return of 64.20%, indicating a long-term positive influence.
TradingView: BTC/USDT
The Simple Moving Average (SMA) presents a high possibility of a bearish crossover in the 1D period, suggesting increased negative influence for the BTC token in the crypto space.
The technical indicator, MACD, shows a steady flat line on the chart, indicating weak price action for the BTC Price in the market. Additionally, the averages trend neutral, highlighting mixed sentiment.
If the market holds Bitcoin price above the $67,775 support level, the bulls will regain momentum and prepare to retest its ATH in the coming time. However, bearish price action could pull the BTC coin price towards its lower support level of $60,000 this month.
The price of Ethereum cannot maintain its value above US$3.7 thousand!
After holding its price above its important $3,730 support level for around three weeks, the Ethereum Price lost momentum due to increasing bearish sentiment in the crypto space and recorded a correction of 3.5% in the last day and 2.26% in the last seven days.
TradingView: ETH/USDT
The Relative Strength Index (RSI) fails to move beyond the overbought range, resulting in a sharp drop towards the midpoint. Furthermore, the average shows a descending curve, suggesting a negative outlook for the Ethereum Price in the next times.
If the market pushes the ETH coin price above the $3,370 resistance level, the bulls will regain momentum and prepare to test its $4,100 upper resistance level during the coming weeks. On the other hand, if the bears continue to dominate the market, it will test its low of $3,400 this month.
Price swing on the verge of a major meltdown?
The Ripple token continues to exhibit weak price action, trading under a bearish influence. O XRP Price recorded a correction of 4.28% in the last day and 3.71% in the last week. Furthermore, Ripple price lost 4.12% last month and has a YTD return of -20.64%.
TradingView: XRP/USDT
The RSI sees a sharp drop towards its oversold range after failing to maintain above the neutral point, highlighting increased selling pressure in the crypto space. On the other hand, the average shows a bearish convergence, suggesting a negative outlook for the XRP token in the near future.
If the bulls regain power, the Ripple Price will prepare to retest its $0.5340 resistance level over the next few weeks. Negatively, if the bears continue to dominate the market, the price of XRP coin will fall towards its crucial support level of $0.480.
Conclusion:
With increasing price fluctuations in the cryptocurrency space, top altcoins continue to record mixed sentiments. However, the market is expected to show a strong bullish reversal over the next few weeks.
Furthermore, Bitcoin price is expected to make a strong comeback with high potential to record a new all-time high (ATH) in the coming times. This could further push Ethereum and XRP tokens to follow in their footsteps, experiencing similar price action and adding significant value to their respective portfolios.