Bitcoin (BTC), Ethereum (ETH), and XRP Weekly Analysis: Close to Reclaiming Key Support Levels

Bitcoin (BTC), along with Ethereum (ETH) and XRP, witnessed a rough week as the macro-financial conditions remained bleak. Nevertheless, each of the three assets is close to reclaiming a key support level.

Bitcoin (BTC), XRP, and Ethereum (ETH) had a challenging week as macroeconomic conditions remained unfavorable. However, each of the three assets is close to reclaiming a key support level.

BeInCrypto analyzes the big three cryptocurrencies and what investors should expect from them in the coming week.

Bitcoin Weekly Wrap: Price Holds On

Bitcoin price saw a minimal decline of 6% over the past week, with the weekend preventing a larger drawdown. Currently, BTC trades at $61,334 and is attempting to flip $61,868 into a support level. Breaking this resistance is critical for Bitcoin to regain momentum.

If BTC successfully flips $61,868 into support, it could begin to recover the recent losses. This move might push the price past $65,000, setting the stage to breach the resistance at $65,292, a key level for further upside.

However, the bullish outlook will be invalidated if Bitcoin fails to break past $61,868. This strong resistance, if unbroken, could lead to a drop toward $60,000, adding to the downward pressure.

Ethereum Looks For Support

Ethereum price dropped more significantly than Bitcoin, experiencing a 9.6% decline over the past week. This drawdown brought ETH to $2,378 after bouncing off a crucial support level of $2,313. Traders are keeping a close watch on Ethereum’s next move amid this volatility.

Ethereum is now targeting a flip of the 23.6% Fibonacci Retracement level into support. Known as the bear market support floor, achieving this could provide Ethereum with the momentum it needs for a potential recovery in the coming days.

However, if bearish signals intensify, Ethereum could face further selling pressure. A fall below $2,313 would invalidate the current bullish outlook, potentially pushing ETH down to $2,223.

XRP Is Relatively Safer

XRP price suffered the most among the major cryptocurrencies, plunging by 18% over the last four days. However, the altcoin managed to avoid slipping below the critical 38.2% Fibonacci line at $0.52, signaling some potential for recovery.

A bounce off this support level could push XRP toward the 50% Fibonacci line at $0.55. Breaching this key level would be essential for XRP to regain momentum and recover from its recent losses.

However, if XRP fails to flip $0.55 into support, it could enter a period of consolidation with $0.52 as the lower limit. This would invalidate the bullish outlook and delay further recovery efforts.

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